- people on the move
Radio company files for bankruptcy
A radio giant with 10 stations in West Michigan has filed for financial relief under Chapter 11 of the U.S. Bankruptcy Code.
San Antonio-Texas based iHeartMedia said last week the move will allow it to financially restructure its balance sheet in an effort to lessen the company’s debt by more than $10 billion.
The company said its operations of more than 850 radio stations, including those in West Michigan, will remain uninterrupted.
There will be no related interference with staffing at local iHeart radio stations, because the company filed a series of customary motions in bankruptcy court that will allow the company to proceed with “business as usual.”
iHeartMedia believes its cash on hand and the cash it will generate will be able to sustain the business as it goes through the Chapter 11 process.
“The agreement we announced today is a significant accomplishment, as it allows us to definitively address the more than $20 billion in debt that has burdened our capital structure,” said Bob Pittman, chairman and CEO, iHeartMedia.
iHeartMedia stations in West Michigan
Wood Radio 106.9 FM and 1300 AM
101-3 The Brew
ESPN 96-1 WMAX FM
Rock 101.7, WMRR
Talk 1230 WTKG
107 MUS, The Moose!
News Talk 1090 WKBZ