Spanish-language broadcaster LBI Media Inc. has filed for voluntary Chapter 11 bankruptcy protection as it goes through a restructuring.

The privately held radio and television broadcaster in Burbank seeks to reduce its debt by more than $350 million. It has received a new $38 million loan from senior lenders to support operations during the financial restructuring.

LBI, also known as Liberman Broadcasting, will continue running its business as a Spanish-language broadcaster and television network, allowing its programming to continue to be seen and heard by audiences nationwide, the company said in a press release. The company owns the EstrellaTV network and its flagship station KCRA (channel 62) in Burbank.

LBI and 17 affiliates filed the bankruptcy petition in the U.S. Bankruptcy Court for the District of Delaware. The petition stated there were 1,000 to 5,000 creditors, that LBI had estimated assets between $100 million and $500 million and estimated liabilities of $500 million to $1 billion.