The parent company of a dozen Arkansas radio stations, including four in the state’s capital city, says its outlets will operate as usual during a debt restructuring.
San Antonio, Texas-based iHeartMedia Inc. filed for Chapter 11 bankruptcy Wednesday.
In Little Rock, iHeartMedia owns four radio stations: 105.1 The Wolf, KMJX-FM; 100.3 The Edge, KDJE-FM; KSSN 96, KSSN-FM; and Hot 94.9, KHKN-FM, which launched Tuesday.
The media company also operates four radio stations each in Fayetteville and Fort Smith.
IHeartMedia CEO Bob Pittman said in a statement that the proceedings are a “significant accomplishment” that “allows us to definitely address the more than $20 billion in debt that has burdened our capital structure."
“The agreement reflects widespread support across the capital structure for a comprehensive balance sheet restructuring that will reduce iHeartMedia’s debt by more than $10 billion,” according to a company news release.
Another big company in the radio industry, Cumulus Media, filed for bankruptcy in November. It has six stations in Little Rock, including Alice 107.7, KLAL-FM; B 98.5, KURB-FM; and 102.9 FM KARN News Radio, KARN-FM.
The Atlanta-based company also has seven radio stations in Fayetteville and three in Fort Smith.