Citadel Broadcasting sees bankruptcy exit next year

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: Citadel Broadcasting sees bankruptcy exit next yr : Mon Dec 21, 2009 5:57pm EST : * Citadel sees bankruptcy exit in 300 days - lawyer : * Court approves company's requests to access its cash : * Says has $36 mln in cash on hand today : By Chelsea Emery : NEW YORK, Dec 21 (Reuters) - U.S. radio broadcaster Citadel Broadcasting Corp (CTDB.OB) could exit bankruptcy in just 300 days under its prenegotiated deal with lenders, a lawyer for the company told a court on Monday. : Citadel, which broadcasts the Don Imus "Imus in the Morning" show with ABC Radio Networks, filed for bankruptcy protection on Sunday, hurt by $2.08 billion in debt and a decline in advertising by auto, banking and restaurant companies. : At the company's "first day" court hearing in U.S. Bankruptcy Court in Manhattan on Monday Jonathan Henes, a bankruptcy attorney at Kirkland & Ellis representing the company said the company believes exiting bankruptcy protection in the next 300 days is "doable" under its current plan. : Judge Burton Lifland approved requests from Citadel to continue to operate its cash management system, use its cash collateral, and pay certain employee wages. : The company has $36 million in cash on the books at present, and projects it will have $63 million in cash in seven weeks, a lawyer for the company told the court. : "Cash is exactly what this company needs to stabilize operations and continue business," Joshua Sussberg, another Citadel attorney from Kirkland & Ellis, said at the hearing. : Citadel, the third-largest U.S. radio broadcaster, said in court documents that shareholders will be wiped out under the proposed reorganization plan. : The case is: In re: Citadel Broadcasting Corp, U.S. Bankruptcy Court, Southern District of New York, No. 09-17442. : (Reporting by Chelsea Emery, writing by Emily Chasan, editing by Matthew Lewis)

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