San Antonio-based iHeartMedia Inc. has filed for bankruptcy, following two years of litigation, speculation and financial gamesmanship as the nation’s largest owner of radio stations tried to keep its crushing debt under control and creditors at bay. The bankruptcy likely will rank among the largest in recent corporate history. The company listed $12.3 billion in total assets and $20.3 billion in debt in its Chapter 11 bankruptcy petition filed late Wednesday in U.S. Bankruptcy Court in Houston. More than 35 other iHeart-affiliated companies also filed for bankruptcy, though the company has moved to have the cases jointly administered.
RK&O partner Gregory G. Plotko discussed the bankruptcy filing with the San Antonio Express-News, “Undoubtedly, these unsecured creditors will be seeking a greater recovery for their claims than has been agreed to by iHeart and other major creditor groups."
"San Antonio’s radio powerhouse iHeartMedia files for bankruptcy" - San Antonio Express-News (subscription required)