iHeartMedia's likely bankruptcy was reportedly pushed to later today to avoid distracting from the company's signature iHeart Radio Awards show, which was televised live on Sunday night. The delay also gave negotiators more time to prepare for an organized restructuring of the company's $20 billion in debt.
On Friday, the deadline to submit the plan for an orderly bankruptcy of iHeartMedia, its 855 radio stations, streaming service and other assets was extended through 11:59 PM CT on Monday, March 12th.
The preliminary plan filed with the SEC would reduce iHeartMedia's debt from $20.6 billion to under $5.8 billion, as part of a Chapter 11 bankruptcy reorganization.
More details here: iHeart Radio Music Awards 2018 - Full Winners List