The nation’s largest radio broadcaster returned to the public markets Thursday, capping iHeartMedia’s long journey through bankruptcy.

Shares, listed under the ticker “IHRT” on the Nasdaq, opened at $16.45 and were down 1.8% in morning trading.

A bankruptcy judge in January approved a restructuring plan wiping more than $10 billion in debt off iHeart’s books and turning over control of the company to lenders and bondholders from its longtime owners, the private-equity firms Bain Capital and Thomas H. Lee Partners.

IHeart emerged from restructuring May 1.

Last month the San Antonio-based company, which had said it was evaluating options for a public stock offering, said it instead decided to list its shares on the Nasdaq without raising more money, similar to what is known as a direct listing. Even without raising additional funds, iHeart said it expects to benefit from having a publicly traded stock, which provides greater flexibility for investors and could be a source of additional capital for the company in the future.

The restructuring plan, which reduced iHeart’s debt load to $5.75 billion from $16.1 billion, transferred ownership of the company to a group of lenders and bondholders led by Franklin Advisers CEO Bob Pittman and finance chief Rich Bressler remain in their roles.

Bain and Thomas H. Lee had controlled the company, previously known as Clear Channel Communications, since one of the biggest leveraged buyouts on the eve of the 2008 financial crisis, saddling the company with most of the some $20 billion in debt it juggled over the next decade.

Shawn Mendes performs at Hot 99.5’s Jingle Ball.

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