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iHeartMedia files for Chapter 11, Las Vegas festivals unchanged

IHeartMedia, one of the world’s largest radio and billboard companies, is seeking Chapter 11 bankruptcy protection as part of an agreement with its lenders to reduce debt.

A company spokesman told the Review-Journal Thursday that there will be no impact to the iHeartRadio Music Festival at T-Mobile Arena on Sept. 21 and Sept. 22, and the outdoor festival on Sept. 22 at Las Vegas Resorts Festival Grounds.

“iHeartMedia and all our stations are operating business as usual, and listeners and fans won’t notice any difference in the programming, on-air personalities, events and stations they love,” iHeartMedia Executive Vice President of Communications Wendy Goldberg said.

The company formerly known as Clear Channel Communications says it will operate its businesses as usual while it restructures its finances to reduce debt by more than $10 billion.

IHeartMedia, which is based in San Antonio, had warned in 2016 that it had reached an impasse with lenders. The company amassed the debt when it was taken private in 2008 by private equity firms Thomas H. Lee Partners and Bain Capital.

IHeartMedia Inc. says its billboard subsidiary, Clear Channel Outdoor, isn’t part of the bankruptcy proceedings.

Review-Journal staff writer Nicole Raz contributed to this story.

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