iHeartMedia, Inc. (PINK: IHRT) has finally filed for bankruptcy after many years of dealing with debt worth USD20 billion.
In its announcement ‘iHeartMedia Reaches Agreement in Principle with Stakeholders Across Capital Structure to Definitively Restructure Debt and Further Enhance Position as America’s #1 Audio Company [1]‘ it said that it has reached an agreement with the holders of approximately USD $10 billion of its outstanding debts.
Note the quote(s); Day-to-Day Operations Will Continue as Usual During Restructuring Process and that Clear Channel Outdoor Holdings, Inc. and Subsidiaries Did Not Commence Chapter 11 Proceedings.