Citadel files for Chapter 11 protection
China Daily | Updated: 2009-12-22 08:00
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An employee of Citadel Broadcasting Corp prepares to drive off in one of the company's vans in New London, Connecticut. Citadel owns and operates 224 radio stations and produces news and talk radio programing for 4,000 station affiliates. Bloomberg News |
NEW YORK: Citadel Broadcasting Corp, the third-largest radio broadcasting company in the United States, filed for bankruptcy protection in an effort to restructure its hefty debt load as it continues to face declining advertising revenue.
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