A company that plays a major hand in the Twin Cities media market finds itself in dire financial straits. iHeartMedia — which owns 11 Minnesota radio stations including KFAN, KDWB, Cities97, Kool 108, and NewsTalk AM 1130 — may file for bankruptcy as soon as this weekend.

The Texas-based company said previously it couldn't afford to pay back roughly $20 billion in debt obligations without restructuring. Now iHeartMedia, formerly Clear Channel Communications, is "circulating documents for a bankruptcy filing," Bloomberg reported Friday. Pressure is mounting on the media giant after it missed a Feb. 1 interest payment and skipped payments on two other bonds. iHeart was bought out by Bain Capital and Thomas H. Lee Partners in 2008.

"If the company files without a pre-negotiated restructuring plan in place, the bankruptcy could turn into a free-fall," notes Bloomberg. iHeart is the nation's largest radio-station operator. It also owns approximately 100,000 billboards and other ad displays.

