Citadel Files Restructuring Plan
February 4, 2010: Citadel Broadcasting has filed a restructuring plan with the U.S. Bankruptcy Court in Manhattan, with a proposal that would give 90 percent of its equity to lenders, led by JP Morgan Chase, that are owed more than $2 billion. The plan also includes a new $762 million loan for Citadel, the Wall Street Journal reports.
Citadel values itself in the plan at about $1.6 billion. Unsecured creditors would have the option o take either the rest of the company's stock or cash equal to 5 percent of a claim that would be capped at $2 million.
Citadel filed the "prepackaged" bankruptcy plan in December, citing heavy debt and sharply down advertising revenues.
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(2/5/2010 11:54:29 PM) So us all a favor and Just Die Already! |
| - Stovan |
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