Not Unexpectedly, Citadel, Owner of WBAP and KSCS, Files for Chapter 11
Categories: Media
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But today, not unexpectedly, Citadel announced that, three years after it went broke buying Disney-owneds, it was filing for bankruptcy protection and turning over control of the company to the creditors to whom the Vegas-based chain, with $1.4 billion in assets compared to $2.5 billion in debt, owes almost $2.1 billion in loans (knocked down to $762.5 million after the parties cut the deal). For a week, Citadel's local managers and on-air talent elsewhere have insisted nothing will change, day to day, come bankruptcy. Maybe Hal Jay will update his blog.
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