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Citadel prepares for exit from Chapter 11 With US Bankruptcy Judge Burton Lifland set to sign an order confirming the reoganazation plan proposed by Citadel Broadcasting and its senior lenders, the company - radio's third largest group - should soon emerge from Chapter 11 protection. But what lies ahead? RBR-TVBR observation: Not only is an IPO not a realistic option for the foreseeable future, Citadel also won't have much opportunity to divest stations and reduce that still-significant debt load until the station trading markets improve. There's no evidence that Citadel is actively shopping any stations. Broker Mike Bergner told us that Citadel would have to be able to sell at multiple above where its debt is trading, which has been around seven times. |
