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.