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IHeartMedia Nears Bankruptcy Exit With Court Approval of Plan

  • Radio broadcaster receives confirmation of Chapter 11 plan
  • Aims to exit bankruptcy within the first half of the year
IHeart Is Said To Prepare For Bankruptcy As Soon As This Weekend
Photographer: Andrew Harrer/Bloomberg

iHeartMedia Inc. gained court approval for a plan that would cut about $10 billion of debt and allow it to emerge from bankruptcy within the first half of this year.

The biggest U.S. radio broadcaster got confirmation in the U.S. Bankruptcy Court for the Southern District of Texas for a creditor-supported plan that reduces its debt to $5.75 billion from $16.1 billion and spins out Clear Channel Outdoor Holdings Inc. into a separate company, according to a statement. That could position both companies as takeover targets.