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CITADEL FILES BANKRUPTCY

trapper12 said:
According to Yahoo news Citadel has filed bankruptcy
Click to expand...

The news is also in the Wall Street Journal, All Access and several other trade publications. This was long anticipated and expected as there was no way Citadel could pay its balloon payment by next month. The company is highly leveraged in a down economy with radio revenues off by as much as 25%.
 
FROM BLOOMBERG NEWS - Citadel Broadcasting Corp., the owner of radio stations in cities including New York and Chicago, filed for U.S. bankruptcy protection in Manhattan with a deal to shed $1.4 billion of debt.
 
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