iHeartRadio Preparing for Bankruptcy (Report)

According to The Hollywood Report, iHeartRadio is declaring bankruptcy. I remember the name iHeartrRadio but it is understandable, most people now a days get there music from SoundCloud, iTunes, or somewhere from the internet that they can download on their phones. According to reporter Abid Rahman,"Bloomberg News reports that iHeartMedia's senior creditors have seen bankruptcy papers that would be used in any upcoming court filing. The company has been negotiating the terms of its restructuring plan but the Bloomberg report states that a bankruptcy filing is all but certain as iHeart missed a Feb. 1 interest payment and the 30-day grace period is almost over.The company, led by chairman and CEO Bob Pittman, the former COO of America Online and later of AOL Time Warner, has also missed payments on two sets of bonds. iHeart has a debt pile of $20 billion, the legacy of a leveraged buyout in 2008. " So, iHeartRadio is dead but maybe they will pull through.

Link:
https://www.hollywoodreporter.com/news/iheartradio-preparing-bankruptcy-1090164