The radio powerhouse known as iHeartRadio has filed for bankruptcy. The company holds over $20 billion in debt. The debt comes manly from the 2008 buyout, which helped rebrand the company for clearly a better path to success.

According to iHeartRadio’s press page, they have came to an agreement which will cut the debt in half to at least $10 billion. This would relieve the company of a lot of stress.

The news of bankruptcy isn’t a surprise to many. Over the last couple of months, many things have gave hints to show the company was in a little trouble. For example, iHeart missed the first interest payment of February which brought many investors to the forefront to try and get a share of the company.

There will be no drastic changes to come according to the iHeart empire. Things will continue to run according to plan. However it will be a long road for the company to financial freedom.