Looks can be deceiving in the business world. Despite its huge name and influence, iHeartMedia is filing for Chapter 11 bankruptcy. The news comes to us today after defaulting on a $106 million payment in February. The company is now restructuring their $20 billion in debt to companies they owe; now totaling over $10 billion.

“The agreement we announced today is a significant accomplishment, as it allows us to definitively address the more than $20 billion in debt that has burdened our capital structure,” CEO Bob Pittman revealed. “Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia’s position as America’s #1 audio company.” The financial woes are said to come from a leveraged buyout in 2008, back when they were named Clear Channel Outdoor.

An analyst credited "financial engineering" as their approach to longevity. Some of the companies that are in need to be paid back are Nielsen, SoundExchange, Warner Music Group, Universal Music Group, and Spotify. Seth Crystall, an analyst at Debtwire mentioned, "They’re not shutting down. They’re going to pay their bills. If you were listening to iHeartRadio, or going to iHeart concerts, you will not even know the difference.” It's an optimistic outlook on the unfortunate circumstances, and ideally this won't affect the millions of fans.

[via Variety]