Citadel Broadcasting Corp., the nation's third-largest radio broadcasting company with two stations in Nashville, filed for Chapter 11 bankruptcy protection on Sunday in an effort to restructure its hefty debt load.
In documents filed in U.S. Bankruptcy Court for the Southern District of New York, Las Vegas-based Citadel listed total assets at Oct. 30 of $1.4 billion and total debt of $2.46 billion.
Citadel owns and operates 224 radio stations and produces news and talk radio programing for 4,000 station affiliates and 8,500 program affiliates. Locally, WGFX-104.5 The Zone and WKDF 103.3-FM (the Titans' flagship station) are Citadel properties.
More than 60 percent of the company's secured lenders backed Citadel's pre-negotiated bankruptcy.
Citadel has been saddled with debt for some time and it had been widely reported in recent months that the company could be headed toward bankruptcy.
Chief Executive Farid Suleman said in a statement that "business will continue as usual" and Citadel would work hard to emerge from banktruptcy "as quickly as possible."