The owner of seven central Ohio radio stations - iHeart Media - is battling a group of debt holders who are giving the company 60 days to repay $6 billion in loans.

The owner of seven central Ohio radio stations - iHeart Media - is battling a group of debt holders who are giving the company 60 days to repay $6 billion in loans.

San Antonio-based iHeart is the nation's largest owner of radio stations, including central Ohio stations WTVN (610 AM), WCOL (92.3 FM), WNCI (97.9 FM), WXZX (105.7 FM), WYTS (1230 AM), WODC (93.3 FM) and WZCB (106.7).

According to filings with the U.S. Securities and Exchange Commission, the group of creditors contends that iHeart defaulted on its loans in December when it transferred shares from subsidiary Clear Channel Outdoor Holdings to another subsidiary, Broader Media. That creditor group includes Canyon Capital Advisors, D.E. Shaw, Davidson Kempner and Franklin Advisors.

The transfer of shares was a move intended to give iHeart breathing room for repaying its mountain of debt, which stands at $20.6 billion. Much of that debt is related to iHeart's purchase in 2008 by private equity groups Bain Capital Partners and THL Partners.

If iHeart defaults on the loans, it likely would be forced to restructure, file bankruptcy or take some other action, said longtime radio reporter Tom Taylor, who publishes an industry newsletter, Tom Taylor Now.

"Right now, they're fighting over the money that's there," Taylor said. "I suspect eventually it's going to be a restructuring where you exchange some debt for equity."

Little should change for the stations, regardless of what happens, he said.

"I don't think anything affects the stations, short term," Taylor said. "If you took away the debt, the stations are doing fairly well - they're outperforming the rest of the industry."

As of Dec. 31, iHeart had about $360 million in cash. Meanwhile, loans maturing in 2016 total $193 million; in 2017, $230 million; in 2018, $930 million; and in 2019, $8.4 billion.

iHeart Media was formerly known as Clear Channel. The company changed its name in September 2014.

tferan@dispatch.com