Citadel in talks on loan waiver or amendment to avert potential non-compliance

By Sara Rosenberg

New York, March 16 - Citadel Broadcasting Corp. is working with its credit facility lenders to obtain a waiver or amendment to avoid possible covenant non-compliance, according to a news release.

The company is seeking the waiver or amendment because of the expected continuing decline in radio revenues in the first half of 2009 and the resulting projected decline in operating profits.

These projected declines will likely cause the company to default on its debt covenants, the release said.

Citadel is a Las Vegas-based radio broadcasting company.

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