Warner Music Group and Universal Music Group are among the companies listed as creditors with iHeart Media.
The debt-burdened radio conglomerate has filed for Chapter 11 bankruptcy protection. It has reached an agreement with the holders of more than $10 billion of its debt.
“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,” said CEO Bob Pittman. “Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia’s position as America’s No.1 audio company."
Companies listed as creditors include SoundExchange ($6.4 million); Warner Music Group ($3.9 million); Universal Music Group ($1.3 million) and Spotify ($2.1 million).
With more than 850 stations, iHeart is the largest radio company in the US.