IHeartMedia, the largest owner of U.S. radio stations, said there is substantial doubt about its ability to continue as a going concern.
IHeartMedia, which says it has more than a quarter of a billion monthly radio listeners in the United States, is struggling to find a solution that would significantly slash its debt pile outside of bankruptcy court.
As of March 31, the company had debt of $20.37 billion and total assets of $12.27 billion. It had $365 million of cash and cash equivalents on its balance sheet as of March 31.
IHeartMedia indicated in a regulatory filing on April 20 that it would issue a going concern warning.
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IHeart, formerly known as Clear Channel Communications, was taken over by private equity firms BainCapital and Thomas H. Lee Partners through a leveraged buyout in 2008 for $26.7 billion, piling up the company with huge debts.
The company, which hosts syndicated radio shows of celebrities such as Steve Harvey, Ryan Seacrest, and Rush Limbaugh, has struggled to compete for listeners as rivals ramp up their digital offerings.
Separately, the company reported a first-quarter net loss of $388.2 million, compared with $88.5 million a year earlier.