Citadel Prepping for Chapter 11 Bankruptcy Reuters

Citadel Broadcasting Corp. is planning to file for Chapter 11 bankruptcy by year’s end, Reuters reports, citing a Wall Street Journal report.

The prearranged plan would cut the radio company’s debt, but existing shareholders would be wiped out in favor of its lenders. Citadel owns 165 FM stations and 58 AM stations, as well as the ABC Radio Networks.

--Elizabeth Jensen