$20 billion debt: San Antonio-based iHeartMedia files for bankruptcy

SAN ANTONIO, Texas (KTRK) -- Global company iHeartMedia announced it is filing for Chapter 11 bankruptcy, after being more than $20 billion in debt.

The San Antonio based business said in a release that it reached an agreement with stakeholders to restructure more than $10 billion of its debt and continue operating.

"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. Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia's position as America's #1 audio company," said Chairman and Chief Executive Officer Bob Pittman in the release.

According to the statement, the company says it has enough cash on hand to fund and support the business as it moves through bankruptcy proceedings.

The brand has nearly 850 radio stations. It also produces multiple live events such as the iHeartRadio Music Awards and the iHeartRadio Jingle Ball.

iHeartMedia holds a majority stake in Clear Channel Outdoor.

However, Clear Channel Outdoor Holdings, Inc. and its subsidiaries did not go into Chapter 11 proceedings, according to the release.