Citadel's Disclosure Statement Wins Court OK

By Ben James

Law360, New York (March 16, 2010, 6:24 PM ET) -- The judge in charge of bankrupt radio company Citadel Broadcasting Corp.'s Chapter 11 proceedings has approved the company's disclosure statement, giving Citadel the green light to start soliciting support for a restructuring plan that was modified to increase recoveries for unsecured creditors.

Judge Burton Lifland of the U.S. Bankruptcy Court for the Southern District of New York signed off on an order Monday approving the debtor's first modified disclosure statement and setting a May 12 plan confirmation hearing.

The new incarnation of the Chapter 11 plan...
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