iHeartMedia, Inc. has entered Chapter 11 in an attempt to restructure its debt and business holdings, the company announced Thursday.
The nation's largest radio station owner runs seven stations in San Diego.
The company's statement said day-to-day operations will continue as usual.
iHeart has struggled with $20 billion of debt and falling revenue at its 858 radio stations, CNBC reported.
The business website reports that iHeart was able to reach an agreement with creditors that would reduce its debt by more than $10 billion.
Read the company's statement here.
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