Citadel declares bankruptcy
Don Day | December 21, 2009Citadel 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.
NextMedia is, well, next.
http://news.yahoo.com/s/nm/20091221/media_nm/us_nextmedia
Citadel gets to live another day. The same cannot be said for the shareholders or those that had matching 401k shares. I have a friend who has a friend in the western region the she says she lost tons of value in the 401k because that is all Citadel gave them for the company match. Watch out for cuts. If they want to come out of this in six months it is the only way
A few months back, Opie and Anthony were ranting on XM about how they had each bought $100,000 worth of Citadel stock and how at that point it was worth about $7k. I guess it’s completely worthless now.