Clear Channel Communications, for its outdoor advertising business, is reportedly in talks with lenders to raise as much as $2.5 billion in new debts, which would help the currently troubled radio
-and-outdoor advertising group gain some extra means to survive.

As of now, Clear Channel Outdoor owes $2.5 Billon to CC Media Holdings Inc.'s Clear Channel, its parent firm, with an "intercompany note" which is due in August. A issuing of bonds could help prevent the parent firm from "violating covenants on its secured debt".

It has been estimated that the deal would come out in around two weeks, and the terms and sizing of issue are not clear as of now.

Clear Channel, which is facing huge debt restructuring, has tried to restructure its $19 Billion debt at least thrice before, only to be snubbed by creditors.

Clear Channel Outdoors' shares hiked by $0.21, or 2.34%, on Friday to trade at a new high of $9.91.