Citadel Broadcasting: court grants 1st-day motions
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Citadel Broadcasting Corp. said Monday that the U.S. Bankruptcy Court for the Southern District of New York has granted all of its first-day motions — including allowing the company access to over $36 million in cash it has on hand and cash it brings in from daily operations to pay workers and vendors.
Citadel, the nation's third-largest radio broadcasting company, filed for Chapter 11 bankruptcy protection on Sunday in a move meant to restructure its heavy debt load. In court documents, the Las Vegas-based company listed its total assets as of Oct. 30 at $1.4 billion and total debt at $2.46 billion.
The company has an agreement with more than 60 percent of its senior secured lenders as part of a pre-negotiated financial restructuring that will eliminate $1.4 billion of its debt.
Citadel said Monday that having access to the funds will let it keep satisfying financial obligations as it restructures its business. The company received court approval to pay wages, salaries, health benefits and other obligations it has to employees as it restructures. The court is allowing it to keep honoring current customer programs as well, Citadel said.
Citadel owns and operates 224 radio stations and produces radio programing for 4,000 station affiliates and 8,500 program affiliates.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.