Citadel’s long-expected move is yet another reminder of the travails facing media companies, which are up against stiff competition and shifts in consumer habits. Advertising revenues have plunged for newspapers, radio broadcasters and television stations.
For radio companies, overall ad revenue is expected to drop 19% this year, according to research firm BIA/Kelsey.
Under the deal presented to lenders this week, Citadel would file a “prearranged” Chapter 11 bankruptcy plan supported by many creditors. Lenders owed $2 billion would swap a substantial amount of that debt for around 99.5% of the equity in a reorganized company, these people said.
The restructuring would give the group of some 90 lenders control of Citadel. Current shareholders, as in most bankruptcies, would be wiped out.
The lenders have until Tuesday to sign the deal, which would cut Citadel’s debt load to about $760 million, these people said. A group of lenders holding about 40% of the debt —including J.P. Morgan Chase & Co. and General Electric Co.’s GE Capital—have indicated they support the reorganization, the people said.The WSJ noted that Las Vegas-based Citadel's representatives didn’t respond to requests for comment on restructuring negotiations, and the company's chief executive, Farid Suleman, declined to comment on any bankruptcy talks. Chuck Wood, who took over as general manager of Citadel's local operations in July, could not be reached for comment this morning. Read the rest of the WSJ story here.
The U.S. rep billed LSU for work allegedly performed on the same days Congress voted on major legislation and held important committee hearings on energy and the ACA.
“I am only getting a little nervous about two projects — the proposed Sasol GTL facility [not the new ethylene plant] and the proposed G2X facility — both in Lake Charles. They need a hefty difference between oil and natural gas prices to make sense.”
Abysmally low participation by the public has prompted the council to scuttle the 2014 survey with plans to simplify it and try again next year.
The village now says the ordinance will likely be overturned and authorities will more vigorously enforce existing leash laws.
Lower oil prices also might slow the growth of oil production in parts of the U.S., Canada and elsewhere because it will no longer be so profitable.
Bill Cassidy cast an early ballot Tuesday, seeking to draw renewed attention to a race that has fallen off newspaper front pages and away from people's minds as they plan holiday meals and shopping schedules.
A Lafayette woman faces up to 20 years in prison for running up more than $1 million in unauthorized charges to her company credit card.
Signs that our state’s banking industry is undergoing a downsizing in 2014 were further confirmed today with the FDIC’s latest figures showing a third straight quarter in which Louisiana lost more banks and earned less money.
Acadiana's nightlife guide.
State police say a 47-year-old Lafayette man, who collected more than $83,000 in disability benefits, is accused of operating two businesses out of his home at a time when he claimed he had no income.
Battered all night by Baltimore's relentless pass rush, Drew Brees could feel his protection collapsing and Terrell Suggs getting ahold of him as he urgently unloaded a pass to the right flat toward tight end Jimmy Graham.
After a convincing defeat at the polls on Nov. 4, Earl “Nickey” Picard has decided to let bygones be bygones with his former right-hand man Brian Pope, announcing his support for his former employee’s runoff bid to become Lafayette’s next city marshal.
Tuesday's Blogs from the Bog!
Odell Beckham on the catch; chaos in Ferguson; snowstorm set to snarl travel and more national and international news for Tuesday, November 25, 2014.
Saturday the athletic department did everything possible to ensure the 2014 Ragin’ Cajun seniors remembered fondly their last home game. Rain and lightning never arrived but turbulence did in the form of the Appalachian State Mountaineers.
Even stranger than the Republican Party’s decision to hold a “unity rally” earlier this month for Congressman Bill Cassidy in a Baton Rouge bar, Huey’s Bar, was the fact that the establishment was named after Louisiana’s most famous Democrat.
Bar Code is not a gay bar.
After failing to pass a medical marijuana bill last year, state Sen. Fred Mills, R-Parks, is telling supporters he will return in 2015 with legislation that focuses on different applications like oils and pills.
Voters, obviously, are not yet tuned into the 2015 ballot, despite the intriguing races it will host.
Acadiana's nightlife guide.
Saints Street cottage or River Ranch condo
By now, the story of how longtime LSU coach Dale Brown discovered Shaquille O'Neal has been told many times: Brown happened upon a massive 13-year-old at an army base in Germany, stayed in touch with him and eventually became like a second father.
Fate simply wasn't ready to give the New Orleans Saints a break from longtime nemesis Steve Smith.
Facing opposition from a powerful industry, the governor and many in the Legislature, a New Orleans-area flood board's lawsuit against dozens of oil, gas and pipeline companies seemed doomed early on.
"I want to take an opportunity to thank the people of Lafayette for allowing me to serve you for the last three years as your school superintendent."
After Thanksgiving, the small town of Moreauville plans to confiscate and kill all rottweilers and pitbulls, including a service dog.
Lafayette Police have had a busy day.
Gov. Bobby Jindal's administration will use $130 million in patchwork financing from a tax amnesty program, insurance settlement, uninsured motorist penalties and other excess funds to close most of the state's midyear budget deficit.
Democratic U.S. Sen. Mary Landrieu said she disagrees with President Barack Obama's actions on immigration, hoping the latest controversy doesn't worsen her campaign difficulties.