iHeartMedia are on the very brink of going bankrupt but they’ve been given at least 2 more days until crunch time.

In the past week iHeartMedia’s funds, or lack thereof, have been revealed and it was said that they could go bankrupt as soon as yesterday. Today it was announced that creditors have given the radio streaming giant until 11:59 PM on Wednesday to agree on a reorganisation plan.

This is according to documents that were filed yesterday. According to the documents a Chapter 11 bankruptcy reorganisation proposal has been raised with the Securities and Exchange Commission and would allow them reduce the debt from $20.6 billion down to $5.8 billion. That’s a giant, nearly quarter, drop of $15 billion in debt which could make redemption viable for iHeartRadio.

The deal would involve iHeart’s billboard division, Channel Outdoor Holdings, stock being given to bond holders as well as equity in the refreshed iHeartRadio. Reports suggested that investors Liberty Media had offered to help them out for a 40% stake in the company but it’s not clear whether these new recapitalisation documents come from Liberty Media or creditors.

The interesting thing with Liberty Media’s potential involvement is that they hold a majority stake in SiriusXM radio and if it were to go through they would likely consolidate the two in some way. Liberty also has investments in Pandora, who are poised as iHeartMedia’s biggest rivals for radio-based music streaming services. Later this week more will be revealed.