iHeart Radio Files for Chapter 11

iHeartMedia, Inc. has entered Chapter 11 in an attempt to restructure its debt and business holdings, the company announced Thursday.The nation’s largest radio station owner runs seven stations in San Diego. ‘Enough Is Enough’: San Diego Students Join US Walkout The company’s statement said day-to-day operations will continue as usual.iHeart has struggled with $20 billion of debt and falling revenue at its 858 radio stations, CNBC reported.  Images: San Diego Schools Partake in National Walkout The business website reports that iHeart was able to reach an agreement with creditors that would reduce its debt by more than $10 billion.Read the company’s statement here. ‘Proud’: Local Parents, Teachers Support Student Walkouts Please refresh this page for updates on this story. Details may change as more information becomes available.Photo Credit: Getty Images for Clear Channel
Source: NBC San Diego