IHRTQ - iHeartMedia Inc Files for Bankruptcy but Shares Jump

After filing for Chapter 11 bankruptcy on March 14, shares of iHeartMedia Inc. (OTC:IHRTQ) went up approximately 8% the next day.

As one of the largest US radio companies specializing in radio, digital, outdoor, mobile, social, live events, and on-demand entertainment, it had been struggling with over $20 billion in debt. However, the company has reached an agreement with shareholders and financial sponsors to cover $10 billion — check out the press release here.

With over 850 radio stations owned and operated, the company will continue business as usual after filing motions with Bankruptcy ...