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Citadel set for bankruptcy?

Published on 11 Dec 2009 under category: legal

Citadel Broadcasting is rumoured to be about to file for bankruptcy.

The Wall Street Journal has reported that the firm is to file for Chapter 11 before the end of the year.

According to the claims, the proposals are prearranged, with the news provider citing "people familiar with the matter" as its source.

The firm, which is one of the largest radio broadcasters in the US, is thought to have the backing from the majority of its creditors in regards to entering bankruptcy protection.

According to the source, chief executive Farid Suleman is set to remain in his post despite the bankruptcy action.

Citadel Broadcasting or Mr Suleman have yet to comment on the reports.

Earlier this week, it was reported that the Cit Group could be about to exit bankruptcy protection.

This news came after the firm's pre-packaged reorganisation plan was approved by the US Bankruptcy Court for the Southern District of New York.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.