iHeartMedia, Inc. announced voting results for the Company’s Fifth Amended Joint Chapter 11 Plan of Reorganization . Voting results indicate that every class of creditors entitled to vote has voted to approve the Plan. More than 90% of the votes cast by creditors and shareholders who participated in the vote approved the Plan, demonstrating substantial support for, and far exceeding the votes necessary to confirm, the Plan.

The voting results indicate strong support of iHeartMedia’s Plan, which achieves a value-maximizing restructuring that comprehensively addresses the company’s funded debt obligations and positions iHeartMedia for continued growth and long-term success. The Plan will reduce iHeartMedia’s funded debt by approximately $10.3 billion—to $5.75 billion—and result in the separation of iHeartMedia’s radio and outdoor advertising businesses. With the support of its creditors and the expected confirmation of the Plan, iHeartMedia expects to complete its restructuring process and exit Chapter 11 in early 2019.

Final voting results will be filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, prior to the hearing to confirm the Plan. Meanwhile a report from The New York Post says leading creditors Pimco and Franklin Resources will own about 25 percent of the business, while Liberty Media, which owns $660 million of iHeart debt, will end up with between 4 percent and 5 percent of iHeart post-bankruptcy. But sources say Liberty is determined to take on any bidders, including Apple - which has shown some interest in acquiring the company.

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