Citadel Broadcasting Files for Bankruptcy Protection

Bloomberg reports:

Citadel Broadcasting Corp., the owner of radio stations in cities including New York and Chicago, filed for U.S. bankruptcy protection in Manhattan.

The company, which syndicates Don Imus’s morning talk show through its U.S. radio network, listed assets of $1.4 billion and debt of $2.5 billion in its Chapter 11 filing today in U.S. Bankruptcy Court. Forstmann Little & Co., a New York-based private equity firm, owns 29 percent of the company’s common stock, according to court papers. The filing covers about 50 units of Las Vegas-based Citadel.