Saddled with $20 billion in debt, iHeartMedia today announced that it has filed for Chapter 11 bankruptcy protection, and is reorganizing its financial obligations. The company, which streams music online, also owns 850 radio stations and promotes concerts. Under Chapter 11, a company is protected from creditors seeking repayment of debt while it reorganizes. The media giant has reached an agreement in principle with holders of $10 billion of its debt, which will halve iHeartMedia’s debt load to $10 billion when it emerges from bankruptcy in the future.
Currently, the iHeartRadio app is …