3rd-largest US radio files for bankruptcy

NEW YORK. December 21. KAZINFORM Citadel Broadcasting Corp, the third-largest US radio broadcaster, said on Sunday it filed for the bankruptcy protection, as the radio industry continues to be hard hit by depressed advertising revenue; Kazinform refers to China Daily.

Citadel, whose network consists of 165 FM stations and 58 AM stations, filed for Chapter 11 bankruptcy protection under a prenegotiated deal with more than 60 percent of its senior lenders.

The deal would convert its $2.1 billion secured credit facility into a new term loan of $762.5 million, meaning about $1.4 billion of debt would be extinguished, it said.

As part of the deal, senior lenders would receive a share of the new term loan and 90 percent of the new common stock in reorganized Citadel. The company filed for bankruptcy protection in Manhattan.

Farid Suleman, Citadel's chief executive officer, said the company's "business will continue as usual" and it would seek to emerge from restructuring as quickly as possible; Kazinform cites China Daily.

See www.chinadaily.com.cn for full version