UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Amendment No. 2
Under the Securities Exchange Act of 1934
Citadel Broadcasting Corporation
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(Name of Issuer)
Common Stock, $0.01 par value
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(Title of Class of Securities)
17285T106
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(CUSIP Number)
David Metzman, Esq.
c/o Aurelius Capital Management, LP
535 Madison Avenue, 22nd Floor
New York, New York 10022
(646) 445-6590
with a copy to:
Jason Kaplan, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, NY 10022
(212) 756-2000
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
May 10, 2010
------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
--------------------
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on following pages)
(Page 1 of 10 Pages)
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CUSIP No. 17285T106 SCHEDULE 13D Page 2 of 10 Pages
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------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Aurelius Capital Partners, LP
------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) | | (b) |X|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
WC
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) | |
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 8,254,028
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
8,254,028
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,254,028
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
3.11%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
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---------------------------- ----------------------------
CUSIP No. 17285T106 SCHEDULE 13D Page 3 of 10 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Aurelius Capital International, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) | | (b) |X|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
WC
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) | |
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 10,730,248
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
10,730,248
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,730,248
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.04%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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---------------------------- ----------------------------
CUSIP No. 17285T106 SCHEDULE 13D Page 4 of 10 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Aurelius Convergence Fund, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) | | (b) |X|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) | |
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 2,337,393
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
2,337,393
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,337,393
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.88%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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---------------------------- ----------------------------
CUSIP No. 17285T106 SCHEDULE 13D Page 5 of 10 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Aurelius Capital Management, LP
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) | | (b) |X|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
AF
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) | |
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 13,067,641
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
13,067,641
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,067,641
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.92%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
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---------------------------- ----------------------------
CUSIP No. 17285T106 SCHEDULE 13D Page 6 of 10 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Aurelius Capital GP, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) | | (b) |X|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
AF
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) | |
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 8,254,028
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
8,254,028
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,254,028
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
3.11%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
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CUSIP No. 17285T106 SCHEDULE 13D Page 7 of 10 Pages
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------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Mark D. Brodsky
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) | | (b) |X|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) | |
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 21,321,669
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
21,321,669
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
21,321,669
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
8.03%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 17285T106 SCHEDULE 13D Page 8 of 10 Pages
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ITEM 1. SECURITY AND ISSUER
Reference is made to the Schedule 13D filed on April 15, 2010 (the
"Schedule 13D"), as amended by Amendment No. 1, filed on April 23, 2010
("Amendment No. 1"), relating to the common stock, $0.01 par value (the "Common
Stock"), of Citadel Broadcasting Corporation, a Delaware corporation (the
"Issuer"). The principal executive offices of the Issuer are located at: City
Center West, Suite 400, 7201 West Lake Mead Blvd., Las Vegas, Nevada 89128.
Capitalized terms used herein and not otherwise defined in this Amendment have
the meanings set forth in the Schedule 13D. This Amendment amends Items 3, 4 and
5 as set forth below.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 of the Schedule 13D is hereby amended and restated in its entirety as
follows:
The Common Stock purchased by the Aurelius Funds was acquired with working
capital in open market transactions at an aggregate cost (excluding commissions,
if any) of approximately $2,079,768.25.
ITEM 4. PURPOSE OF TRANSACTION
Item 4 of the Schedule 13D is hereby amended and restated in its entirety as
follows:
The Aurelius Funds, which for the purposes of this Item 4 shall include
Aurelius Convergence Master, Ltd. and Aurelius Capital Master, Ltd., acquired
shares of Common Stock for investment in the ordinary course of business because
they believed that the shares, when purchased, were undervalued and represented
an attractive investment opportunity.
On December 20, 2009, the Issuer and certain of its affiliates
(collectively, the "Debtors") filed voluntary petitions in the United States
Bankruptcy Court for the Southern District of New York seeking relief under
chapter 11 of Title 11 of the United States Code (the "Bankruptcy Case").
On April 21, 2010, the Aurelius Funds filed a preliminary objection in the
Bankruptcy Case to confirmation of the Debtors' First Modified Joint Plan of
Reorganization (the "Plan"). On May 7, 2010, the Aurelius Funds filed a
supplemental brief in support of their objection to the Plan. This opposition
rests on various grounds, most fundamentally on the allegation that the Plan
violates the absolute priority rule by overpaying senior creditors and providing
no distribution to shareholders of the Debtors and that therefore the Plan is
not confirmable under bankruptcy law. In particular, it is the Aurelius Funds'
view that the Plan would convey value to the Debtors' prepetition lenders (the
"Lenders") in excess of the face amount of their claims (including alleged
deficiency claims) against the Debtors. The Plan provides that the Debtors'
Lenders would receive over 90% of new common stock of the Issuer and management
would receive options equivalent to up to 10% of new common stock under a
management incentive program, which could enrich the Debtors' management by more
than $100 million. The objection alleges that the Plan rests on a valuation of
the Issuer that is far below the reorganized Debtors' true value and is based on
unreliable financial projections which do not reflect the Debtors' recent
performance or the marked improvements in financial markets for broadcast
companies. In addition, the Aurelius Funds believe that the Debtors'
solicitation of the Plan did not comply with applicable provisions of the
Bankruptcy Code. The Aurelius Funds believe that the value of the Debtors is
significantly greater than the value as described in the Disclosure Statement of
the Plan. The Aurelius funds have also engaged in discovery related to their
objection.
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CUSIP No. 17285T106 SCHEDULE 13D Page 9 of 10 Pages
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The Aurelius Funds intend to pursue and prosecute the objection, described
above, and may file related pleadings, respond to pleadings filed by other
parties, discuss the formulation of alternative plans with other parties, serve
and prosecute discovery and respond to the same, appeal any adverse decisions
and respond to any appeals, and more generally become actively involved in the
Bankruptcy Case, with the goal of protecting and maximizing the value of the
Aurelius Funds' respective investments.
To the extent permitted by applicable law, rules and regulations, the
Reporting Persons may seek to influence the outcome of the Bankruptcy Case,
including, among other things, through (i) direct and/or indirect communications
with participants in the Bankruptcy Case and (ii) direct and/or indirect
communications with other persons, including other stockholders or creditors of
the Issuer.
Except as set forth herein or as would occur upon completion of any of the
actions discussed herein, none of the Reporting Persons has any plans or
proposals which relate to, or could result in, any of the matters referred to in
paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule
13D. The Reporting Persons may, at any time and from time to time, review or
reconsider their position and/or change their purpose and/or formulate plans or
proposals with respect thereto and may (i) acquire additional shares or
securities of the Issuer, (ii) dispose of any or all of their securities of the
Issuer, (iii) enter into or withdraw from legal proceedings, if any, and/or (iv)
enter into privately negotiated derivative transactions with institutional
counterparties to hedge the market risk of some or all of their positions in the
securities of the Issuer, depending upon the factors described below and/or
other investment considerations. The Reporting Persons disclaim all duties or
obligations, if any, to other stakeholders in the Issuer. For the avoidance of
doubt, the Reporting Persons do not have any current intention to change or
influence the control of the Issuer. The Debtors have alleged in the Bankruptcy
Case that the Reporting Persons have violated an order limiting the rights to
acquire the Issuer's stock and have sought to force the Reporting Persons to
sell their shares; it is the Reporting Persons' belief that these allegations
are without merit and they have filed a response to such allegations.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
ITEMS 5(a) and (b) are hereby amended and restated in their entirety as follows:
(a),(b) The information set forth in Rows 7 through 13 of the cover page
hereto for each Reporting Person is incorporated herein by reference. The
percentage amount set forth in Row 13 for all cover pages filed herewith is
calculated based on 265,686,233 shares of Common Stock outstanding as set forth
in the Quarterly Report on Form 10-Q for the quarterly period ended March 31,
2010 filed by the Issuer on May 7, 2010.
Item 5(c) of the Schedule 13D is hereby amended and restated in its entirety as
follows:
The Aurelius Funds entered into transactions in the Common Stock since the
filing of Amendment No. 1, which are set forth on Schedule A. Schedule A also
amends and restates the trades listed on Amendment No. 1 for April 22, 2010. The
Aurelius Funds are the only Reporting Persons to have effected transactions in
the Common Stock since the filing of Amendment No. 1.
---------------------------- ----------------------------
CUSIP No. 17285T106 SCHEDULE 13D Page 10 of 10 Pages
---------------------------- ----------------------------
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: May 11, 2010
AURELIUS CAPITAL PARTNERS, LP AURELIUS CAPITAL INTERNATIONAL, LTD.
By: Aurelius Capital GP, LLC,
its General Partner By: Aurelius Capital Management, LP,
solely as investment manager and
not in its individual capacity
By: /s/ Mark D. Brodsky
--------------------
Name: Mark D. Brodsky By: Aurelius Capital Management GP,
Title: Chairman LLC, its General Partner
By: /s/ Mark D. Brodsky
AURELIUS CONVERGENCE FUND, LTD. --------------------------
By: Aurelius Capital Management, LP, Name: Mark D. Brodsky
solely as investment manager and Title: Chairman
not in its individual capacity
AURELIUS CAPITAL MANAGEMENT, LP
By: Aurelius Capital Management GP,
LLC, its General Partner
By: Aurelius Capital Management GP,
LLC, its General Partner
By: /s/ Mark D. Brodsky
--------------------
Name: Mark D. Brodsky By: /s/ Mark D. Brodsky
Title: Chairman -------------------
Name: Mark D. Brodsky
Title: Chairman
AURELIUS CAPITAL GP, LLC
/s/ Mark D. Brodsky
-------------------
MARK D. BRODSKY
By: /s/ Mark D. Brodsky
--------------------
Name: Mark D. Brodsky
Title: Chairman
SCHEDULE A
This Schedule A sets forth transactions in the Common Stock by the Aurelius
Funds since the filing of Amendment No. 1, and amends and restates the trades
listed on Amendment No.1 for April 22, 2010. Unless otherwise indicated, all
trades were effected in the open market through brokers.
TRANSACTIONS IN THE COMMON STOCK BY AURELIUS CAPITAL PARTNERS
Date of Transaction Shares Purchased (Sold) Price Per Share ($)* Price Range ($)(1)
------------------- ----------------------- ------------------- ------------------
4/22/2010 (14,851) 0.3400 N/A
4/23/2010 (55,691) 0.3601 0.3600 - 0.3610
4/23/2010 (59,404) 0.3400 N/A
4/26/2010 (74,255) 0.4053 0.4030 - 0.4070
4/30/2010 (10,519) 0.4806 0.4800 - 0.4888
5/3/2010 388,791 0.2529 0.2050 - 0.2900
5/4/2010 86,893 0.2200 N/A
5/5/2010 479,000 0.1831 0.1500 - 0.2000
5/10/2010 1,091,072 0.1945 0.1800 - 0.2000
* Excluding commissions.
________________________________
(1) The price reported in the column Price Per Share ($)* is a weighted average
price if a price range is indicated in the column Price Range ($). These shares
were purchased/sold in multiple transactions at prices between the price ranges
below. The reporting persons will undertake to provide to the staff of the
Securities and Exchange Commission, upon request, full information regarding the
number of shares sold at each separate price.
TRANSACTIONS IN THE COMMON STOCK BY AURELIUS CAPITAL INTERNATIONAL
Date of Transaction Shares Purchased (Sold) Price Per Share ($)* Price Range ($)(2)
------------------- ----------------------- ------------------- ------------------
4/22/2010 (19,558) 0.3400 N/A
4/23/2010 (73,342) 0.3601 0.3600 - 0.3610
4/23/2010 (78,231) 0.3400 N/A
4/26/2010 (97,789) 0.4053 0.4030 - 0.4070
4/30/2010 (13,852) 0.4806 0.4800 - 0.4888
5/3/2010 411,209 0.2529 0.2050 - 0.2900
5/4/2010 113,107 0.2200 N/A
5/5/2010 621,000 0.1831 0.1500 - 0.2000
5/10/2010 1,408,928 0.1945 0.1800 - 0.2000
* Excluding commissions.
________________________
(2) The price reported in the column Price Per Share ($)* is a weighted average
price if a price range is indicated in the column Price Range ($). These shares
were purchased/sold in multiple transactions at prices between the price ranges
below. The reporting persons will undertake to provide to the staff of the
Securities and Exchange Commission, upon request, full information regarding the
number of shares sold at each separate price.
TRANSACTIONS IN THE COMMON STOCK BY AURELIUS CONVERGENCE FUND
Date of Transaction Shares Purchased (Sold) Price Per Share ($)* Price Range ($)(3)
------------------- ----------------------- ------------------- ------------------
4/22/2010 (5,591) 0.3400 N/A
4/23/2010 (20,967) 0.3601 0.3600 - 0.3610
4/23/2010 (22,365) 0.3400 N/A
4/26/2010 (27,956) 0.4053 0.4030 - 0.4070
4/30/2010 (3,960) 0.4806 0.4800 - 0.4888
* Excluding commissions.
_______________________________
(3) The price reported in the column Price Per Share ($)* is a weighted average
price if a price range is indicated in the column Price Range ($). These shares
were purchased/sold in multiple transactions at prices between the price ranges
below. The reporting persons will undertake to provide to the staff of the
Securities and Exchange Commission, upon request, full information regarding the
number of shares sold at each separate price.