Texas-based iHeartMedia Ready to Exit Bankruptcy With $10 Billion Less in Debt

San Antonio-based iHeartMedia Inc. has gained court approval for a plan that would cut about $10 billion of debt and allow it to emerge from bankruptcy within the first half of this year.The biggest U.S. radio broadcaster got confirmation in the U.S. Bankruptcy Court for the Southern District of Texas for a creditor-supported plan that reduces its debt to $5.75 billion from $16.1 billion and spins out Clear Channel Outdoor Holdings Inc. into a separate company, according to a statement. That could position both companies as takeover targets.IHeart's restructuring will give it "a new capital structure that matches the strong operating performance of our business," Chief Executive Officer Bob Pittman said in the statement. "IHeartMedia's unique place in the advertising world perfectly positions us to take advantage of the renaissance underway in audio."  Continue reading...