Citadel Broadcasting Corporation (fka CTDBQ)

[My4ntoy]

Aurelius Capital is now joined by Virtus Capital and the Kenneth S. Grossman Pension Plan

Citadel's next important court date is May 12, to confirm its Chapter 11 re-organization plan

Published on Monday, May 10, 2010

96.07% of the senior secured creditors accept the latest version of the Citadel plan, as do 89.77% of the general unsecured creditors. That information about the voting by various classes of creditors is from a just-filed court report from Kurtzman Carson Consultants. But some owners of Citadel common stock aren’t so happy. Aurelius Capital is now joined by Virtus Capital and the Kenneth S. Grossman Pension Plan, to ask that the latest version of Citadel’s Chapter 11 bankruptcy re-organization be denied. They claim that it tilts too far toward the senior lenders. Citadel entered Chapter 11 bankruptcy protection on December 20, and hopes to emerge with two-thirds of its debt trimmed away.



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