Citadel declares bankruptcyDon Day | December 21, 2009
Citadel Communications, which owns six Boise radio stations, has declared bankruptcy.
The pre-negotiated filing allows the company to rework its debt and stay afloat. The company didn’t make any noise that it was going to shed assets.
“Citadel, like many radio, television and newspaper companies, has seen its revenue and profitability decline due to the downturn in advertising spending by companies particularly in the auto, banking and restaurant sector,” CFO Randy Taylor said.