IHEARTMEDIA FILES FOR BANKRUPTCY

IMG_7322.JPG

iHeartMedia Inc., the company behind the biggest U.S. radio broadcaster, filed for bankruptcy protection after reaching an agreement in principle with investors. The company said in a statement early Thursday the agreement in principle was with holders of more than $10 billion of its outstanding debt and its financial sponsors.

 

iHeartMedia said it believes its cash on hand, together with cash generated from continuing operations, will be sufficient to fund and support the business during the bankruptcy proceedings.