Citadel broadcasting Corp., one of the largest radio broadcasting companies, filled for Chapter 11 bankruptcy protection on Sunday to restructure its hefty debt load. The company continues to face declining advertising revenue.
Citadel has 224 radio stations in all major markets that produce news and talk radio programming for 4,000 station affiliates and 8,500 program affiliates.
Turn around specialist Alvarez & Marsal North America was retained by Citadel to help them restructure their hefty debt load.
Under the terms of its bankruptcy reorganization, secured creditors of Citadel will get a share of the new loan and 90 percent of the new common stock in the reorganized company. Citadel board approved the bankruptcy protection filing on Dec. 18.