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Citadel offered lenders debt for equity: report
(Reuters) - Citadel Broadcasting Corp CTDB.OB offered a deal to exchange a major part of its debt for equity to senior lenders owed $2 billion, including JPMorgan Chase & Co (JPM.N), GE Capital and ING Groep NV (ING.AS), the Wall Street Journal said, citing people familiar with the negotiations.
On Wednesday, Citadel faced a deadline to make a $2 million interest payment, but the status remained unclear, the paper added.
Discussions have slowed in recent days in part as some lenders have been caught off-guard by Federal Communications Commission rules intended to limit concentrated holdings of media firms, the people told the paper.
Citadel could not be immediately reached for a comment by Reuters.
In June, Citadel, which operates the ABC Radio Network, hired Lazard Freres as an advisor to evaluate options, including a possible refinancing and restructuring of its capital structure.
(Reporting by Chakradhar Adusumilli; Editing by Jon Loades-Carter)
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