It looks like the rumors that have been floating around for the past few months about iHeartMedia filing for bankruptcy are true because the multi-platform media company announced they have filed for chapter 11 bankruptcy. They spilled the tea Thursday, saying they reached an agreement with creditors and investors to restructure upwards of $10 billion in debt, according to CNN Money. That $10 million is reportedly just about half of what they currently owe investors.
“The agreement we announced today … allows us to definitively address the more than $20 billion in debt that has burdened our capital structure,” Chief Executive Bob Pittman said in a statement.
We hear back in February, the company missed interest payments on its debt and as two sets of bond payments.
If you didn’t know, iHeart owns over 850 radio stations, is responsible for a digital music streaming service, and iHeartRadio Music Festival. In addition, they have a 90 percent stake in Clear Channel Outdoor Holdings — which was not part of the bankruptcy filing.
SOURCE: CNN Money, http://money.cnn.com/2018/03/15/media/iheartmedia-bankruptcy/index.html
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