Is there room for radio in the age of Spotify?

That is the question underlying a securities filing on Wednesday by the broadcast giant iHeartRadio for what it says could be an initial public offering.

The company is pitching potential investors on radio’s reach and intimate appeal in an era of personalized playlists and algorithmic song recommendations.

The largest radio broadcaster in the United States, with 848 terrestrial stations, iHeartMedia remains a force in the music industry, and also syndicates talk-radio giants like Rush Limbaugh and Sean Hannity. But the company filed for bankruptcy last year, burdened by $20 billion in debt left over from a leveraged buyout a decade ago, on the eve of the 2008 recession.

In January, the company’s restructuring plan received court approval, cutting the $16 billion of debt attached to its media division — the company’s radio stations, podcasts and iHeartRadio app — to about $5.8 billion. Under the plan, the company would separate iHeartMedia from its billboard advertising business, Clear Channel Outdoor, which would retain about $4 billion in debt.