IHeartMedia Inc. has decided not to repay the $57.1 million of senior notes due Dec. 15, held by its affiliate Clear Channel Holdings Inc., upon maturity, the company said Dec. 13.

The Special Committee of independent directors took the decision as part of iHeartMedia's current efforts to address its capital structure. The company will pay in full the $192.9 million of its 2016 legacy notes, though the balance of $57.1 million held by CCH will remain outstanding.

As a consequence of the 2016 notes remaining outstanding, iHeartMedia will still have at least $500 million of legacy notes outstanding Dec. 15. It will, therefore, not be obligated to give certain additional security interests to certain debtholders under a so-called "springing lien" set forth in relevant debt agreements.

Further, iHeartMedia and certain of its affiliates on Dec. 12 filed lawsuits in the State District Court in Bexar County, Texas, to seek a declaration that the $57.1 million of 2016 legacy notes still lies outstanding and that iHeartMedia is not obligated to grant its debtholders the "springing lien" on any of its assets.

The company also plans on taking any other necessary actions for its long-term growth and to achieve an optimal capital structure.

Moody's on Dec. 12 changed its outlook on iHeartMedia unit iHeartCommunications Inc. to negative from stable over "the elevated possibility that the company will restructure its debt over the next year."