After months of delays, staggering debt and slimming profits, media and radio conglomerate iHeartMedia has filed for bankruptcy.
The company announced Thursday it had reached an agreement to address and restructure $10 billion of its outstanding debt to stakeholders and investors.
"The agreement we announced today ... allows us to definitively address the more than $20 billion in debt that has burdened our capital structure," said iHeartMedia CEO Bob Pittman in a statement.
The company has filed a series of motions to allow it to continue a "business-as-usual" operation during the transition to Chapter 11 bankruptcy.
The company states that it has enough money to continue the transition.
This news comes on the heels of Spotify's announcement that it seeks to raise $1 billion in public offerings to join the New York Stock Exchange.