Citadel Broadcasting: court grants 1st-day motions
Areas of Focus | 2009/12/22 04:46
Citadel Broadcasting Corp. said Monday 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.

Citadel, the nation's third-largest radio broadcasting company, filed for Chapter 11 bankruptcy protection on Sunday in a move meant to restructure its heavy debt load. In court documents, the Las Vegas-based company listed its total assets as of Oct. 30 at $1.4 billion and total debt at $2.46 billion.

The company has an agreement with more than 60 percent of its senior secured lenders as part of a pre-negotiated financial restructuring that will eliminate $1.4 billion of its debt.

Citadel said Monday that having access to the funds will let it keep satisfying financial obligations as it restructures its business. The company received court approval to pay wages, salaries, health benefits and other obligations it has to employees as it restructures. The court is allowing it to keep honoring current customer programs as well, Citadel said.

Citadel owns and operates 224 radio stations and produces radio programing for 4,000 station affiliates and 8,500 program affiliates.



[PREV] [1] ..[1864][1865][1866][1867][1868][1869][1870][1871][1872].. [2198] [NEXT]
All
Headline Legal News
Legal Topics
Legal Business
Attorney News
Court News
Court Watch
Areas of Focus
Legal Interview
Opinions
DC-area sniper shootings case to ..
Supreme Court to consider Louisia..
Veterans court may be collateral ..
Justices spurn Georgia inmate, de..
Court to rule on Newtown shooting..
Detained Saudi women's rights act..
Ohio Republicans defending state ..
Case about indigent drivers and d..
Court rejects Ghosn’s request to..
Demonstrators gather for Heathrow..
Court: $700M judgment against Nor..
N Carolina court: State retirees ..
Oregon's high court: Developers c..
Court upholds car rental tax impo..
High court deciding fate of cross..
Court records reveal a Mueller re..
Florida school shooting suspect d..
French court hits Swiss bank UBS ..
Court: Constitutional ban on high..
High court rules for retired US m..




Santa Ana Workers' Compensation Lawyers
www.davidgentrylaw.com
Chicago Truck Drivers Lawyer
Chicago Workers' Comp Attorneys
www.krol-law.com
Bar Association Website Design
Bar Association Member Management
www.lawpromo.com
Indianapolis, IN Personal Injury Law Firm
Indian Personal Injury Attorneys
www.rwp-law.com
Downtown Manhattan Business Law Attorneys
Breach of Contract Lawyers
www.woodslaw.com
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Chicago Business Law Attorney
Corporate Litigation Attorneys
www.rothlawgroup.com
Surry County Criminal Defense Lawyers
Yadkin County Family Law Attorneys
www.dirussolaw.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
Law Firm Web Design Templates
Lawyer Website Templates
www.webpromo.com
   Legal Resource
Headline Legal News for You to Reach America's Best Legal Professionals. The latest legal news and information - Law Firm, Lawyer and Legal Professional news in the Media.
 
 
 
Copyright © ClickTheLaw.com. All Rights Reserved. Legal Marketing Blog. The content contained on the web site has been prepared by Click The Law. as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. By using the www.clickthelaw.com you agree to be bound by these Terms & Conditions.

Affordable Legal Web Designby Law Promo