US broadcast giant iHeartMedia has successfully completed its restructuring process, significantly reducing its debt from $16.1billion to $5.75bn.
Alongside the completion of the restructuring, and in accordance with its Plan of Reorganization, iHeartMedia and Clear Channel Outdoor Holdings have now fully separated, creating two independent publicly-traded companies.
Clear Channel Outdoor Holdings shares will continue to be traded on the New York Stock Exchange under the ticker symbol CCO.
iHeartMedia filed for Chapter 11 bankruptcy protection in March 2018 after buckling under the weight of a $20bn debt.
CEO Bob Pittman continues to serve as Chairman and Chief Executive Officer of iHeartMedia, Inc., after inking a new four year deal in Dece…
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