iHeartMedia Inc., the company behind the biggest U.S. radio broadcaster, filed for bankruptcy protection after reaching an agreement in principle with investors over a balance-sheet restructuring, a decade after a private-equity-led buyout left the company laden with billions in debt, WSJ Pro Bankruptcy reported. iHeartMedia said today that the agreement in principle was with holders of more than $10 billion of its outstanding debt and its financial sponsors. The chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, came after months of talks with investors on restructuring terms. Based in San Antonio, iHeart operates 856 terrestrial stations and controls Clear Channel Outdoor Holdings Inc., one of the biggest billboard companies in the world. The company said Clear Channel Outdoor and its subsidiaries didn’t commence chapter 11 proceedings. It also said its day-to-day operations would continue as usual during the restructuring process. 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.
