Citadel Receives Tentative Approval for Reorganization
On Monday, Citadel Broadcasting Corporation received tentative approval on its reorganization plan from a federal bankruptcy court judge. The plan moves to the corporation's creditors to vote on whether or not they accept the terms. If the plan is approved, Citadel will be one step closer to emerging from bankruptcy.
In approving Citadel's reorganization plan, the bankruptcy judge rejected some objections from shareholders who claimed they were being shut out of any equity value due to the company's improving financial conditions.
If the shareholders have any objections to the plans, the can make them known at hearing scheduled for May 12 to confirm the reorganization.
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