In addition to operating the music streaming service iHeartRadio, iHeartMedia runs over 850 stations, stages music festivals and produces events and concerts. It's unclear if its "balance sheet restructuring" would put some of its less popular properties off the air, but the company believes that the cash it has on hand along with the money its ongoing projects will generate will be enough to support its business during the bankruptcy proceedings.

iHeartMedia chief Bob Pittman also sounds optimistic, since this means the company "only" has another $10 billion in debt to worry about. He said in a statement: