Citadel Broadcasting files Chapter 11 bankruptcy

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http://news.yahoo.com/s/ap/20091220/ap_on_bi_ge/us_citadel_broadcasting_bankruptcy

Citadel Broadcasting files Chapter 11 bankruptcy

By DAVID PITT
The Associated Press
Sunday, December 20, 2009; 6:01 PM

-- 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.

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I'm still trying to collect on a $750 invoice I sent to Citadel for work I did getting one of their FMs back on the air.  They used to be my best paying contract.  Then suddenly, the quick payments slowed to a crawl, then eventually to my last invoice going unpaid for 6 months.  I call and speak to the local AP person, they tell me they sent it to corporate for payment and it still appears each month when they run the unpaid accounts report.  Still, I go unpaid.  I should have seen this coming.  I wonder if I am listed in the bankrupcy.