iHeartMedia emerged from Chapter 11 and completed its restructuring process, significantly reducing debt from $16.1 billion to $5.75 billion.

In addition, in conjunction with completion of the restructuring, and in accordance with its plan of reorganization, iHeartMedia and Clear Channel Outdoor Holdings have fully separated, creating two independent publicly-traded companies. Clear Channel Outdoor Holdings shares will continue to be traded on the New York Stock Exchange under the ticker symbol “CCO.”

“We are pleased that iHeartMedia now has a capital structure that matches our exciting operating business. The focused dedication of our employees and the unwavering support of our new owners and advertising partners enabled iHeartMedia to seamlessly complete the restructuring process and reach this final milestone,” said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia.

According to an 8-K filing, the $450 million DIP facility agented by Citibank matures on the earlier of the emergence date from the Chapter 11 Cases or June 14, 2019. The DIP facility includes a feature to convert into an exit facility at emergence, upon meeting certain conditions. As of March 31, 2019, the company had a borrowing base of $426.8 million under iHeartCommunications’ DIP Facility, had no outstanding borrowings, had $59.0 million of outstanding letters of credit and had an availability block requirement of $37.5 million, resulting in $330.3 million of excess availability.

As previously announced, pursuant to the plan, Pittman continues to serve as chairman and chief executive Officer of iHeartMedia, and Rich Bressler continues to serve as president, chief operating officer and chief financial officer of the company.

Kirkland & Ellis served as legal counsel to iHeartMedia, Moelis & Company served as the company’s investment banker, and Alvarez & Marsal served as the company’s financial advisor.