Radio Giant Citadel Files For Chapter 11
Citadel Broadcasting Corp., one of the biggest radio companies in the U.S., announced Sunday that it was entering Chapter 11 bankruptcy protection in order to restructure its massive debt.
Under the terms of a pre-negotiated reorganization plan, Citadel’s $2.1 billion loan will be converted into $762.5 million. The company will also gain access to $36 million in cash in order to fund the restructuring.
Citadel said yesterday that 60 percent of its senior secured lenders agreed to the reorg plan before the company filed in bankruptcy court in Manhattan.
“We are pleased with the support from the majority of our senior lenders, and we look forward to working with the remaining senior lenders and other stakeholders to ensure a complete and expeditious restructuring,” said Citadel CEO Farid Suleman in a statment.
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