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Posts Tagged ‘Chapter 11’

Radio Giant Citadel Files For Chapter 11

citadel.jpgCitadel Broadcasting Corp., one of the biggest radio companies in the U.S., announced Sunday that it was entering Chapter 11 bankruptcy protection in order to restructure its massive debt.

Under the terms of a pre-negotiated reorganization plan, Citadel’s $2.1 billion loan will be converted into $762.5 million. The company will also gain access to $36 million in cash in order to fund the restructuring.

Citadel said yesterday that 60 percent of its senior secured lenders agreed to the reorg plan before the company filed in bankruptcy court in Manhattan.

“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 statment. “Our business will continue as usual and the company will work to emerge from the restructuring process as quickly as possible.”

With 166 FM stations and 58 AM stations, Citadel is the third largest radio group in the country. It also owns radio network Citadel Media, which produces shows including “ABC News Radio” and Don Imus‘ show “Imus in the Morning.”

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Reader’s Digest Files For Ch. 11

rda.pngOne week after announcing its intention to file for Chapter 11 bankruptcy protection, Reader’s Digest Association Inc. filed the necessary paperwork with the bankruptcy court yesterday.

In a release about the filing, the Reader’s Digest publisher said that 80 percent of its senior secured lenders had already agreed to the restructuring plan that was part of the filing. The Chapter 11 filing will only affect the company’s U.S. operations, the company added.

“Our business operations remain solid, with anticipated Fiscal 2009 revenue only down by low single digits, currency neutral, despite the recession,” said Mary Berner, the company’s president and CEO, in a statement. “We look forward to emerging with a restructured balance sheet and as a financially stronger organization that is positioned to pursue our growth and transformational initiatives.”

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