Rephrase the title:Largest U.S. radio company Audacy files for bankruptcy protection

Rephrase and rearrange the whole content into a news article. I want you to respond only in language English. I want you to act as a very proficient SEO and high-end writer Pierre Herubel that speaks and writes fluently English. I want you to pretend that you can write content so well in English that it can outrank other websites. Make sure there is zero plagiarism.:

The New York Stock Exchange welcomes executives and guests of Audacy (NYSE: AUD), today, Friday, April 9,2021, in celebration of its recent company rebrand.

NYSE

Audacy, the radio and podcast giant, said Sunday it filed plans for Chapter 11 bankruptcy protection in Texas to reduce its debt.

The restructuring agreement will allow Audacy to slash its total debt load by 80% to about $350 million from around $1.9 billion, the company said.

“Over the past few years, we have strategically transformed Audacy into a leading, scaled multi-platform audio content and entertainment company,” David Field, CEO of Audacy, said in a statement.

However, Field added, “the perfect storm” over the past four years of macroeconomic challenges “facing the traditional advertising market” led to a sharp reduction in radio ad spending.

“These market factors have severely impacted our financial condition and necessitated our balance sheet restructuring,” Field said.

The Philadelphia-based company owns hundreds of radio stations and is one of the top radio broadcasters in the U.S. Audacy owns WFAN Sports Radio, New York’s 1010 WINS and KCBS.