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| Title: Citadel offered lenders debt for equity: report |
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) offered a deal to exchange a major part of its debt for equity to senior lenders owed $2 billion, including JPMorgan Chase & Co (), GE Capital and ING Groep NV (), 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) Full article |
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