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Radio station owner Citadel Broadcasting is preparing to file for Chapter 11 bankruptcy protection by year-end to lessen its debt burden, The Wall Street Journal reported. Citadel operates six stations in Colorado Springs.
Citing unnamed people familiar with the matter, The Journal reported Thursday that the nation’s third-largest radio broadcaster presented a deal to lenders under which it would file a prearranged bankruptcy plan that would have the support of many creditors.
