IHeartMedia, owner of 850 radio stations, files for Ch. 11

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In the years that followed, the operator of 849 radio stations has faced intensifying competition for advertisers and listeners from internet platforms such as music streaming services.

The Denver-area stations owned by iHeartMedia are Channel 93.3 (KTCL), 95.7 The Party (KPTT), 97.3 KBCO, 103.5 The Fox (KRFX), KOA Newsradio (at 850 AM and 94.1 FM), 107.9 KBPI, 630 KHOW, Orange and Blue 760 (KDSP) and 106.7 The Bull (KWBL).

Finsbury is handling the biggest bankruptcy in radio as iHeartMedia, owner of America's No. 1 network, files for Chapter 11 to restructure $10B in debt.

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Among creditors is Malone's Liberty Media, which controls satellite radio giant SiriusXM.

Billboard reports iHeartMedia also boasts its iHeartRadio digital music streaming service, a live concert venture and a 90 percent stake in Clear Channel Outdoor Holdings, the billboard advertising company. The company earned $20 billion in debt from an invested buyout at now illegal loan rates in 2008 and late repayments this year put them on the brink of bankruptcy.

The debt has been a drag on those efforts, and iHeart hasn't posted an annual profit over the past decade. That deal led by Bain Capital LLC and Thomas H. Lee Partners LP closed just as a financial crisis began to undermine the US economy. Clear Channel didn't commence Chapter 11 proceedings. The more than six months long negotiations between the company and its creditors evolved into this pre-packaged Chapter 11 filing. The deadline was extended more than 20 times as negotiators exchanged proposals and iHeart sweetened the terms.

Equity stakes had been a key sticking point in recent talks, with creditors demanding nearly all of iHeart and 100 percent of its healthy Clear Channel unit.

The company says, much like Cumulus said when it announced a Chapter 11 filing, that it will be business as usual on the operating side. iHeartMedia believes that its cash on hand, together with cash generated from ongoing operations, will be sufficient to fund and support the business during the Chapter 11 proceedings.

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