Citadel Ch. 11 Restructuring Plan Wins Judge's Nod

Law360, New York (May 17, 2010, 2:07 PM EDT) -- Citadel Broadcasting Corp. has won confirmation for a Chapter 11 reorganization plan despite stockholder Aurelius Capital Partners LP's efforts to show that the debtor had provided a lowball estimate of the company's value, curbing recovery for creditors and other parties.

Judge Burton R. Lifland confirmed the plan on Monday in the U.S. Bankruptcy Court for the Southern District of New York following hours of testimony from witnesses for both Citadel and Aurelius and its affiliates, according to an attorney involved in the case.

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