Citadel

Citadel Broadcasting Corp. (CTDBQ) changed its compensation plans for top management after complaints that they violated the terms of its bankruptcy reorganization. Citadel, the third-largest radio broadcaster in the U.S., exited bankruptcy protection in June owned by creditors including JPMorgan...

Faced with the likelihood of breaching its financial covenants, Citadel Broadcasting -- which syndicates several popular broadcasters, such as Don Imus -- took the initiative Sunday and filed for bankruptcy protection. That will let the radio broadcaster get out from under most of its $2.5 billion debt.

Citadel Broadcasting, the third-largest radio station owner in the U.S., will probably file for Chapter 11 on Sunday. Creditors are allegedly prepared to approve a deal that "would reduce Citadel's debt load to about $762.5 million."