LAS VEGAS -- Citadel Broadcasting, the owner of more than 200 radio stations including four in Syracuse, has emerged from Chapter 11 bankruptcy protection. According to one published report, Citadel Chairman and CEO Farid Suleman said, "we're glad it's over and we can get on with running the company."
A very short press release issued today by Citadel (PDF) simply explains, "Citadel’s Plan of Reorganization was confirmed by the United States Bankruptcy Court for the Southern District of New York on May 19, 2010." There's no explanation (from Citadel or other media sources) as to why the court's confirmation was just announced today, more than two weeks after the fact.
According to Radio Online, the approved plan "will give the holders of the $2.14 billion secured debt a new $762.5 million loan along with 90% of the shares. Holders of unsecured debt receive the remaining 10% and $36 million in cash."
Locally, Citadel owns CHR-formatted 93Q (WNTQ), rocker 95X (WAQX), sports-talker The Score 1260 (WSKO) and 105.9 The Big Talker (WXTL).
Citadel first filed for Chapter 11 bankruptcy protection last December. As part of a "prearranged" bankruptcy plan, Citadel announced Suleman would remain in charge of the company following the company's emergence from bankruptcy proceedings.