Citadel Broadcasting's proposed reorganization plan has been given the green light by Judge Burton Lifland. Now Citadel's creditors must vote on the plan for its approval. The Judge approved the plan after some recent changes, giving unsecured claimholders 36 cents on the dollar, instead of 15 cents.
"The plan itself is quite transparent," Judge Lifland said, according to Bloomberg. "It’s the result of ardent negotiations with the key players."
A hearing has been announced for May 12, where shareholders will be able to voice any objections to the reorganization plan.
In February, Citadel officially filed its reorganization plan in U.S. bankruptcy court. The plan would chop down $1.4 billion in the broadcaster's debts.In December, Citadel filed for bankruptcy protection, turning over control of the company to its creditors.
