"Bondholders have rejected the San Antonio-based radio giantís request to extinguish about $14.6 billion of its debt in exchange for 87.5 percent of the company and 87.5 percent of its wholly owned billboard subsidiary. The plan proposes to recapitalize the company with $7 billion in fresh bonds."
Hey guys, let's just extinguish (erase) $14.6 Billion, in exchange for a tiny percentage of a going broke company. Who wouldn't go for that?!