Citadel Files for Chapter 11 Bankruptcy

Citadel Broadcasting Corp has reached an agreement with its lenders that will allow the company to eliminate $1.4 billion of its debt.

The radio giant owns 11 stations in Maine, including WBLM, WCYY, WHOM, WJBQ, WBPW, WOZI, WQHR, WEBB, WJZN, WMME, AND WTVL.

Despite filing for Chapter 11 bankruptcy, Citadel's market manager, Mike Sambrook, said he doesn't expect the filing to affect daily operations at any of the stations.

The U.S. Bankruptcy Court for the Southern District of New York has agreed to grant the company access to more than $35 million in order to pay workers and vendors.

Nationally, Citadel Broadcasting Corp. has 4,400 affiliate radio stations that reach more than 107 million listeners every week. 

Financial analyst say the company began experiencing financial trouble after it took on more debt than it could handle when it bought ABC radio from the Disney Company in 2006.

If your business is in need of debt relief and you are interested in learning more about filing for Chapter 11 bankruptcy, click here to find a bankruptcy attorney near you!