Warner Music Group and Universal Music Group are among the companies listed as creditors with iHeart Media.

The debt-burdened radio conglomerate has filed for Chapter 11 bankruptcy protection. It has reached an agreement with the holders of more than $10 billion of its debt.

“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,” said CEO Bob Pittman. “Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia’s position as America’s No.1 audio company."

Companies listed as creditors include SoundExchange ($6.4 million); Warner Music Group ($3.9 million); Universal Music Group ($1.3 million) and Spotify ($2.1 million).

With more than 850 stations, iHeart is the largest radio company in the US.

For more stories like this, and to keep up to date with all our market leading news, features and analysis, sign up to receive our daily Morning Briefing newsletter