US broadcasting group insolvent
Citadel Broadcasting, the third-largest U.S. broadcasting company, has gone bankrupt. The company has filed for bankruptcy protection.
The move is part of an agreement between the broadcasting group and over 60 percent of its preferred creditors. According to the agreement, around 1.4 billion dollars in debt is to be written off as part of a debt restructuring. In addition, the creditors will reportedly provide the company with around 36 million dollars in cash for the restructuring.
The broadcasting group includes more than 200 radio stations. According to Citadel CEO Farid Suleman, the group's business will continue as normal. The company intends to complete the restructuring as quickly as possible.Citadel recorded a 14 percent drop in turnover to 183 million dollars in the last quarter.
The broadcasting group includes more than 200 radio stations. According to Citadel CEO Farid Suleman, the group's business will continue as normal. The company intends to complete the restructuring as quickly as possible.Citadel recorded a 14 percent drop in turnover to 183 million dollars in the last quarter.
