― Reuters picLOS ANGELES, March 16 ― IHeartMedia Inc filed for Chapter 11 bankruptcy yesterday as the largest US radio station owner reached an agreement with creditors to more than halve its US$20 billion (RM78.5 billion) in debt. IHeartMedia, which has struggled with US$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. The filing comes after John Malone's Liberty Media Corp proposed on Feb. 26 a deal to buy a 40 percent stake in a restructured iHeartMedia for US$1.16 billion, uniting the company with Liberty's Sirius XM Holdings Inc satellite radio service.
The largest U.S. broadcaster, iHeartMedia, owner of 850 radio stations, files for chapter 11 bankruptcy after accumulating US$20 billion in debt.