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Citadel Broadcasting

C

charles123

Guest
All Access is reporting that Citdael Broadcasting is preparing to file for bankruptcy, I guess this will effect KSCS, WBAP, & KPMZ. Any thoughts?
 
It shouldn't have much, if any, effect on the local Citadel cluster. Basically Citadel stockholders get wiped out, Citadel's lenders end up swapping their debt for 99% of the company---and Fagreed keeps his job.
 
The reality is that if they file for Chapter 11, it will include a restructure plan.
All of that has to be approved by the court of course, but typically, there isn't much choice...creditors usually don't want to see the organization go away (liquidate) as that usually means they get little or nothing on their outstanding balances with the company. Restructuring the debt (often including wiping or reducing some of it) is the often the only means of having even a chance of recovering outstanding debt. Liquidation (selling all assets and paying creditors with proceeds) is a very last option usually used when there essentially is nothing left to move forward with. Not exactly the case with Citadel.
 
In the meatime,

Scott Shannon gets the nod to become Vice President of programming at Citadel

according to the Radio Daily News Update for today.
 
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