READ MORE!!!
iHeart has filed for Chapter 11 bankruptcy.
The multi-platform media company made their announcement Thursday that they had reached an agreement with their creditors and investors. They make preparations to re-pay the $10 billion in debt. It has been reported that that is the only half of what the company actually owes.
The Chief Executive Bob Pittman states “…[This] has allowed us to definitively address the more than $20 billion in debt that has burdened our capital structure.” In February, it was reported that the radio company was behind on their interest payments on their initial debt.
iHeart owns over 850 radio stations, they are responsible for digitally streaming music and hosting one of their biggest concerts, iHeartRadio Music Festival.
No comments