iHeartMedia, Inc., the parent company of iHeartRadio, the largest radio broadcasting network in the United States, has filed for bankruptcy, the corporation announced. The company says that it has reached an agreement with creditors to restructure more than $10 billion in debt, cutting down its debt from over $20 billion.
A press release notes that despite the bankruptcy, iHeartMedia “will continue operating the business in the ordinary course as a leading global multi-platform media, entertainment and data company.”
“The agreement we announced today … allows us to definitively address the more than $20 billion in debt that has burdened our capital structure,” iHeartMedia CEO Bob Pittman said in a statement.
The company said it has enough cash to support it through Chapter 11 proceedings.
iHeartRadio owns 850 stations across the country, as well as a streaming service. They also run the IHeartRadio Music Awards and other live events. The corporation had 14,300 employees at the end of 2016, according to Reuters.