SAN ANTONIO (WHDH) — iHeart Media, which specializes in radio broadcasting, has filed for bankruptcy.
The company said that they filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division.
“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 Bob Pittman, Chairman and Chief Executive Officer.
The company added that they seek “to maintain business-as-usual operations and uphold its commitments to its valued employees and other stakeholders during the process.”
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