iHeartMedia will not make interest payment

San Antonio-based iHeartMedia, Inc., is facing the possibility of defaulting on its massive debt load.

The company, formerly known as Clear Channel Communications, announced Thursday that it is not making a $106 million cash interest payment that is due.

The large radio station owner and operator, which includes local stations like WOAI, says it is discussing restructuring its debt with lenders, shareholders and financial sponsors.

iHeartMedia has a 30-day grace period to make the payment before it goes into default.

The media company currently has roughly $20 billion in debt.

iHeartMedia is the largest owner of radio stations in the country.

The second-largest, Atlanta-based Cumulus Media, is also dealing with crippling debt.  It filed for Chapter 11 bankruptcy late last year in an effort to restructure more than $1 billion in debt.

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