Citadel Broadcasting files bankruptcy!
WASHINGTON - December 21, 2009 - Citadel Broadcasting Corp., the nation's third-largest radio broadcasting company, filed for Chapter 11 bankruptcy protection on Sunday in an effort to restructure its hefty debt load as it continues to face declining advertising revenue.
Citadel owns and operates 224 radio stations in all major markets and produces news and talk-radio programming for 4,000 station affiliates and 8,500 program affiliates. Citadel's WABC is home to several syndicated hosts, including Don Imus, Rush Limbaugh, Joe Scarborough and Mark Levin.
In documents filed in U.S. Bankruptcy Court for the Southern District of New York, Las Vegas-based Citadel listed total assets at October 30 of $1.4 billion and total debt of $2.46 billion. The company said in a statement it has reached an agreement with more than 60% of its lenders on a deal that would erase about $1.4 billion of debt.
Citadel owns and operates 224 radio stations in all major markets and produces news and talk-radio programming for 4,000 station affiliates and 8,500 program affiliates. Citadel's WABC is home to several syndicated hosts, including Don Imus, Rush Limbaugh, Joe Scarborough and Mark Levin.
In documents filed in U.S. Bankruptcy Court for the Southern District of New York, Las Vegas-based Citadel listed total assets at October 30 of $1.4 billion and total debt of $2.46 billion. The company said in a statement it has reached an agreement with more than 60% of its lenders on a deal that would erase about $1.4 billion of debt.
