Yesterday it was announced by Citadel Broadcasting Corp. that the U.S. Bankruptcy Court for the Southern District of New York has granted all of its first-day motions -- including allowing the company access to over $36 million in cash it has on hand and cash it brings in from daily operations to pay workers and vendors.
On Sunday CTDB filed for Chapter 11 Bankruptcy protection with hopes of restructuring the large amount of debt already accrued. $1.4 billion in debt will be eliminated due to the agreement with more than 60 percent of its senior secured lenders who negotiated financial restructuring.
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Citadel Broadcasting Corporation (Citadel Broadcasting) is a radio broadcasting company in the United States. The two segments of the Company are Radio Network and Radio Markets. It also owns and operates the ABC Radio Network, which produces and distributes a range of radio programming and formats and syndicates across approximately 4,400 station affiliates and 8,500 program affiliations. Citadel Broadcasting Company is the wholly owned subsidiary of Citadel Broadcasting Corporation. During the year ended December 31, 2008, the Company acquired a radio station in Salt Lake City. During 2008, the Divestiture Trusts completed the sale of two stations.
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