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Citadel-Chapter 11

P

pdgreatness

Citadel filed for Chapter 11 protection yesterday. Deals being made with creditors will wipe out all current stockholders. Creditors will get control of the company in exchange for reduction of debt.
 
For area Citadel stations this will probably mean business as usual. Don't expect anything new....like format changes.....just more of the same. Up next.....from what I understand....Clear Channel. Happy Holidays!
 
Sad to see that the stock options for the hard working employees go away. These poor folks had to hear the Mad Man Bob Adams sing the company song and how buying Citadel stock was such a good thing. Oh well. I guess Bob will get some coal this Christmas.
 
I wonder if they will emerge in a couple of weeks like the token for show GM bankruptcy, or whether it's a real one that actually has all of the components of a Chapter 11 bankruptcy.
 
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