On Sun, 20 Dec 2009 22:04:27 -0700, Canuck57
wrote:

jps wrote:
Liberals are dancing in the streets!!!


Citadel Broadcasting Corp., the nation's third-largest radio
broadcasting company, filed for Chapter 11 bankruptcy protection on
Sunday in an effort to restructure its hefty debt load as it continues
to face declining advertising revenue.

Citadel owns and operates 224 radio stations, including KABC-AM in Los
Angeles, WLS-AM in Chicago, WABC-AM and WPLJ-FM in New York and KGO-AM
in San Francisco. Citadel's WABC is home to several syndicated hosts,
including Don Imus, Rush Limbaugh, Joe Scarborough and Mark Levin.

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. The company said in a
statement it has reached an agreement with more than 60 percent of its
lenders on a deal that would erase about $1.4 billion of debt in
exchange for control of the company.

For those getting laid off they should ask the question, who is bailing
me out?

Bailouts are corruption. Pure and simple. Not much difference between
Obama cutting GM a $100 billion and Chavez porking his buddies, both on
the backs of taxpayers and workers via taxation.

Rush will find a new home soon.

Citadel's filing a Chapter 11 won't necessarily mean that Limbaugh and
others will be evicted. Chapter 11 is essentially a debt
restructuring plan prepared under the auspices of the court. From
what is posted here, it would appear that the plan is essentially
ready for review and approval by the court. If Citadel's creditors
are in agreement with the plan as Citadel has submitted it, then
Citadel is in a fairly good position to follow the plan through, and I
would think the Bankruptcy Court would approve it.

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