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.