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Radio station owner Citadel Broadcasting (CTDB) filed for U.S. bankruptcy protection in Manhattan, striking a deal to jettison roughly $1.4 billion in debt. In its Chapter 11 filing, Citadel listed assets of $1.4 billion and debt of $2.5 billion. The broadcasting company turned to bankruptcy in order to enact a pre-negotiated plan that will convert a $2.1 billion loan into a $62.5 million term loan. This plan has the support of 60% of CTDB's secured lenders. CTDB owns WABC in New York and WLS in Chicago, and the company will operate these stations as usual throughout the bankruptcy. The operation will be funded by $36 million in on-hand cash.
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