iHeartRadio Files for Bankruptcy

The massive company was $20 billion in debt
iHeartRadio Files for Bankruptcy
Known for its enormous arsenal of iHeartRadio stations around North American, iHeartMedia Inc. has filed for bankruptcy. 

The company has reached a deal with creditors that will allow them to restructure $10 billion USD in debt. It's a good step, considering they were over $20 billion in debt. 

The company owns 850 radio stations and a streaming service. Just last weekend, it hosted the latest edition of the iHeartRadio Music Awards.

According to an announcement, iHeartMedia "will continue operating the business in the ordinary course as a leading global multi-platform media, entertainment and data company."