TEXAS – The San Antonio-based company iHeartMedia, Inc. has filed for bankruptcy with more than $10 billion in outstanding debt.
From country music to pop, the entertainment media company operates radio stations across the country including in Austin, Dallas and San Antonio.
iHeartMedia made the announcement on Wednesday in an effort to restructure their debt.
“The agreement we announced today is a significant accomplishment, as it allows us to definitively address the more than $20 billion in debt that has burdened our capital structure. Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia’s position as America’s #1 audio company,” said Bob Pittman, iHeartMedia Chairman and Chief Executive Officer.
While Pittman quoted a number twice the size of the original reported amount of debt, what is clear is that the company voluntarily filed petitions for relief under the U.S. Bankruptcy Code.
In the meantime, the company claims that their cash-on-hand is enough to continue operating the business.
Local iHeartMedia stations include:
- Austin: 96.7 KISS FM
- Austin: 102.3 The Beat
- Austin: KASE 101
- Austin: KVET 98.1 FM
- Austin: AM 1300 The Zone
- Austin: Alt 97.5
- Austin: Tu 103.1
- San Antonio: KJ97
- San Antonio: Q 101.9
- San Antonio: 96.1 NOW
- San Antonio: 104.5 Latino Hits
- San Antonio: WOAI
- San Antonio: The Bull
- San Antonio: Ticket 760
- San Antonio: KZEP-HD2
- San Antonio: La Preciosa 105.7