iHeartMedia Files Chapter 11

Iheart Media

Ed Christman, writing for Billboard:

iHeartMedia and some of its subsidiaries filed for Chapter 11 protection last night after reaching a pre-packaged agreement with its principle creditors that will apparently see the company cut its debt in half to $10 billion after a debt-to-equity swap with some debt holders; and the spinoff of Clear Channel Outdoor Holdings, which is not a part of the Chapter 11 proceedings.