WASHINGTON (dpa-AFX) - IHeartMedia Inc., the operator of the biggest US radio broadcaster, has filed for bankruptcy protection with a plan to restructure its more than $20 billion debt.
iHeartMedia said it has reached an agreement in principle with holders of more than $10 billion of its outstanding debt and its financial sponsors. The agreement reflects widespread support across the capital structure for a comprehensive balance sheet restructuring that will reduce iHeartMedia's debt by more than $10 billion.
'The agreement we announced today is a significant accomplishment, as it allows us to definitively address the more than $20 billion in debt that has burdened our capital structure. Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia's position as America's #1 audio company,' said CEO Bob Pittman.
Copyright RTT News/dpa-AFX