iHeartRadio's parent company iHeartMedia, previously known as Clear Channel Communications, is reportedly heading for bankruptcy.

Bloomberg reports the nation's largest operator for radio stations, including B104.7, NewsRadio 570 WSYR and HOT 107.9 in Syracuse, is preparing to file for Chapter 11 bankruptcy protection as soon as this weekend. Senior creditors told the publication that they've seen bankruptcy papers that would be used in an upcoming court filing.

iHeartMedia's debt still totals $20 billion, mostly from a leveraged buyout in 2008. Billboard reports the company has missed payments on two sets of bonds, and MarketWatch reports another $8.3 billion of debt is expected in 2019.

The San Antonio-based company warned last year that it may not be able to continue to survive, but executives are still apparently eligible for millions in bonuses.

RadioInk reported Thursday that the iHeartCommunications Compensation Committee approved millions of dollars in bonuses for iHeart CEO Bob Pittman, COO Richard Bressler, and General Counsel Robert Walls. Pittman, who reportedly received $500,000 bonuses each of the past two years, is eligible to earn a bonus for each calendar quarter of 2018 of $2.325 million and Bressler is eligible for $1.325 million.

iHeartMedia was bought for $24 billion by two private equity firms in 2008. Properties under iHeartMedia, which changed its name from Clear Channel in 2014, include more than 850 iHeartRadio stations heard on-air and online as well as Clear Channel Outdoor billboards.

iHeartRadio stations in Upstate New York include seven in Albany, six in Binghamton, seven in Poughkeepsie, seven in Rochester, and five in Syracuse. Syracuse stations include Y94FM (WYYY-FM), HOT 107.9 (WWHT-FM), NewsRadio 570 WSYR (WSYR-AM), Power 620 (WHEN-AM), and B104.7 (WBBS-FM).

The radio business has struggled over the past decade amid competition from internet radio, streaming services like Pandora and Spotify, Sirius XM satellite radio, podcasting and other media. Cumulus Media Inc., which owns hundreds of U.S. radio stations including in Syracuse and Buffalo, filed for Chapter 11 bankruptcy protection last year to reduce more than $1 billion in debt.