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 City-Parish Council on Tuesday will be asked to sign off on an agreement between UL Lafayette and Lafayette Consolidated Government that would expand mass transit opportunities for UL students by adding five additional buses to its shuttle run between Cajun Field and campus.
Four bedroom traditional or three bedroom French home
Louisiana's high school seniors are making increased strides on Advanced Placement exams.
The hip little River Ranch shop will open in the Acadiana Center for the Arts in time for the September ArtWalk.
Hot prints and cool wolves
The Alabama game is sold out but tickets for all other homes games can be purchased online at www.LSUtix.net.
Among the one-percenters nationally, Louisiana's fattest cat is a relative pauper.
The Republican governor sent a letter Thursday to the president, saying placement of the children in Louisiana could have "potential negative ramifications."
Many laws are minor, though some impact health care options, change educational programs and reach into people's everyday activities.
Responding to Tuesday’s federal appeals court decision to save Mississippi’s lone abortion clinic, Esquire magazine profiles the unique story behind one of the doctors working at the clinic in Jackson.
Acadiana's nightlife guide.
Lafayette’s first-ever Whole Foods Market will open its doors in September.
In reacting to the recently resurrected allegations of sexual abuse among local clergy, is the Catholic Diocese of Lafayette maintaining its old stance of protecting their own?
Louisiana's annual state sales tax holiday is Friday and Saturday.
Thursday's Blogs from the Bog!
Breakfast favorites served on a bubbly crust pair with a crisp salad
NJ lady beats Donald Trump; Israel calls up more troops; border hearings accelerated and more national and international news for Thursday, July 31, 2014.
State Rep. Lenar Whitney — one of a handful of Republican candidates vying for Louisiana’s 6th Congressional district — has been described by Cook Political Report analyst David Wasserman as one of the most “frightening or fact-averse candidate[s]” he’s ever met following her reaction to an interview last week.
West coast casual
Mid-August hearing dates have been set for dueling lawsuits over Louisiana's use of the Common Core education standards in public schools.
An investigation into the last-minute passage of a pension hike for the state police superintendent continues, despite Col. Mike Edmonson's decision not to accept the increase.
Four bedroom traditional Youngsville home or three bedroom traditional Broussard home
On Tuesday, a three judge panel (voting two to one) of the U.S. Fifth Circuit Court of Appeals struck down as unconstitutional Mississippi’s controversial law requiring that physicians who perform abortions maintain admitting privileges in a nearby hospital.
Safety Jairus Byrd practiced with the New Orleans Saints on Tuesday for the first time since his signing in March.
Sentencing has been delayed for a businessman who provided key testimony in the corruption case that resulted in the conviction of former New Orleans Mayor Ray Nagin.
The spectre of priest sex abuse has returned to haunt the Roman Catholic Diocese of Lafayette following the recent release of an investigative report by Minnesota Public Radio, revealing new allegations of another child predator hiding behind the clerical collar.
Acadiana's nightlife guide.
A ballpark snack topped with BBQ meat can be found cruising town on a food truck
"Although the administration is moving forward with climate change regulations at home, we don't consider how policy decisions in the United States impact greenhouse gas emissions in other parts of the world," says Roger Martella, the former general counsel at the Environmental Protection Agency under President George W. Bush.
Louisiana agriculture officials say prices for long-grain rice are projected to drop this year.