IHeart, Lenders Sign Agreement, File Chapter 11

iHeartMedia Files for Bankruptcy

You can identify these statements by the fact that they do not relate strictly to historical or current facts.

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. iHeartMedia, America's #1 audio company, will continue operating the business in the ordinary course as a leading global multi-platform media, entertainment and data company.

IHeartMedia Inc filed for Chapter 11 bankruptcy on Thursday as the largest USA radio station owner reached an agreement with creditors to more than halve its $20 billion in debt. Aided by a relaxed federal regulations, Clear Channel's founding Mays family led the firm through a radio-station buying spree in the '90s and early 2000s, at one point controlling 1,100 properties.

Ed Sheeran, Eminem, Maroon 5 and Cardi B all performed Sunday night as part of the iHeartRadio Music Awards, a testament to the company's dominance over the radio business.

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The long-awaited move means iHeart Media, America's biggest radio group, will end years of corporate limbo during which its private equity owners and its lenders could not agree on how to solve its huge $20bn debt burden. Spotify, which recently filed for an initial public offering, said Thursday that its shares would begin trading on the New York Stock Exchange around April 3.

Over 14,300 people are employed by the company according to its 2016 annual report. There are eight iHeart stations in Los Angeles, for example, and six in NY, including Z100, a pop powerhouse. Its rival Cumulus, the operator of 445 stations, did the same thing a few months ago.

The company operates 850 iHeart radio stations and more than 200 digital platforms that have attracted 130M social followers.

"Ultimately, when they come out of bankruptcy, they will be in a much better position", Vitanza said. The heavy debt was a drag on those efforts, draining $1.4 billion a year in interest payments, according to Coleman.

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