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takyon [soylentnews.org] writes:

Largest U.S. radio company iHeartMedia files for bankruptcy [reuters.com]

IHeartMedia Inc filed for Chapter 11 bankruptcy on Thursday as the largest U.S. radio station owner reached an in-principle agreement with creditors to restructure its overwhelming debt load.

The company, which filed for bankruptcy along with some of its units, said it ‍reached the agreement with holders of more than $10 billion of its outstanding debt for a balance sheet restructuring, which would reduce its debt by more than $10 billion.

IHeartMedia, which has struggled with $20 billion of debt and falling revenue at its 858 radio stations, said cash on hand and cash generated from ongoing operations will be sufficient to fund the business during the bankruptcy process.

iHeartMedia [wikipedia.org].

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