WNOX Owner Objects To Citadel Reorganization Plan
May 4, 2010 at 4:25 AM (PT)
OAK RIDGE FM, INC., the licensee of CITADEL Talk WNOX-F/KNOXVILLE, has filed a "limited objection" to CITADEL's reorganization plan, voicing its opposition to CITADEL's intention to reject the LMA under which it programs WNOX and alleging that CITADEL has missed two $60,000 LMA payments for APRIL and MAY. OAK RIDGE also says CITADEL also owes it $22,503.47 in expenses.
The petition notes that "expenses of administration incurred for the purpose of preserving the estate are required to be paid on the Effective Date of the plan as a condition to confirmation of a plan of reorganization, "but CITADEL instead wants to pay the debt "as soon as practicable."
Meanwhile, the State of MICHIGAN has withdrawn its objection to the reorganization plan. The state Department of Treasury had complained that CITADEL subsidiary ALPHABET ACQUISITION COMPANY owed MICHIGAN business taxes and had not filed nor paid its 2008 state taxes.