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.
Businesses Are Hurting Too!
The recession has taken its toll on all facets of America, not just individuals. Businesses, companies, and corporations small and large are having a hard time operating in this slow economy, and many have been forced to shut their doors forever. If your business is struggling to stay afloat, a Houston bankruptcy attorney at the Malaise Law Firm can help. We can review the financial state of your business, as well as evaluate your assets and liabilities. In the event that you don’t feel comfortable filing for bankruptcy, an attorney at our office can discuss some other debt relief options that may be more suitable for you.
To learn more, please call (800) BANKRUPT today!