There is nobody with money waiting to buy radio stations to make them "live and local".
A GM style buyout in the larger markets would require extensive financing. The biggest such deal to date was Summit, which is concentrated in markets ranked under #50.
It would seem that the best chance for creditors is to look for a Chapter 11 reorganization.
In either case, but moreso with a Chapter 7 action, the victim is the industry. The know-nothing mass market media will call it the death of radio. They will ignore the fact that iHeart's issues stem from the effects of the recession and the introduction of the PPM even more than the increasing interest in new media. They will ignore the fact that most radio groups are profitable, and some are growing.
The unprofitable streaming services (meaning "All of them") will say that they are the future and the future is now. And they will line up at the doors of VC companies for a new round of financing so they can sustain the burn rate.