iHeartMedia Inc. Files for Chapter 11 to Cut Debt by $10 Billion

Friday, 16 March 2018 05:26
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iHeartMedia, Inc. (PINK: IHRT) and certain of its subsidiaries, including iHeartCommunications, Inc., on March 14, 2018, sought Chapter 11 bankruptcy protection after reaching 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 Company said in a press statement.

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