Troubled radio station company files for Chapter 15 bankruptcy

The radio broadcast industry has continued its struggles since iHeartRadio, the nation's largest radio station chain, filed for Chapter 11 bankruptcy in 2018, handing control of the network to its lenders in exchange for $10 billion in debt.

Next, Audacy, the second-largest radio station owner in the country, on Jan. 5, 2024, filed for Chapter 11 bankruptcy, seeking to reduce its debt from $1.9 billion to $350 million and hand ownership of the company to its bondholders.