MUSIC NEWS- As had been expected, Citadel Broadcasting filed for bankruptcy protection and has turned over control of the company to its creditors. Citadel is the third largest radio station owner in the USA, with 224 stations (165 FM stations and 58 AM stations) in 25 states.
The official announcement was made on Sunday, and stated the deal will "extinguish" $1.4 billion of Citadel's debts. Bloomberg reported that JPMorgan Chase Bank, Wilmington Trust Co. and The Walt Disney Co are Citadel's three largest creditors, with private equity firm Forstmann Little & Co listed as its largest stockholder.
"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 statement. "Our business will continue as usual and the Company will work to emerge from the restructuring process as quickly as possible." Suleman is expected to remain as head of the company.
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