iHeartMedia Inc., the biggest U.S. radio-station owner, filed for bankruptcy with a plan to halve its debt load of more than $20 billion, the legacy of a leveraged buyout that hobbled the company as the digital era spawned new rivals. iHeart, with about 850 radio stations and 17,000 employees worldwide, filed for Chapter 11 protection on Wednesday in Houston, a move that allows iHeart to keep operating while it tries to cement its turnaround plan. “Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia’s position as America’s #1 audio company,” chief executive officer Robert Pittman said in a statement. Their leveraged buyout in 2008 was the reason for much of iHeart’s borrowing, and the company hasn’t posted an annual net profit for a decade. With additional media partners on board including Evanov Communications the service has been available across more than 1,000 radio stations in Canada and iHeartRadio said it will be business as usual during the restructuring.

Source: thestar March 15, 2018 16:30 UTC