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Citadel filed for U.S. bankruptcy protection in a Manhattan, NY, court on Sunday in a reported pre-packaged deal supported by many of its lenders that are collectively owed a whopping $2.5 billion. PE firm Forstmann Little currently owns 29% of the company's common stock. Lenders reportedly plan to swap a large portion of debt for equity in a reorganized Citadel, which will likely see CEO Farid Suleman remain in place.

In the filing, Citadel listed its largest unsecured creditors as JPMorgan Chase Bank, Wilmington Trust with a claim of $49.2 million and The Walt Disney Co. with a claim of $11.2 million.

The deal would reduce Citadel's debt load to about $762.5 million, the Wall Street Journal has reported, citing sources, who also say Citadel's board has approved the filing. However, the company will need to seek more creditor support in court if it expaects to get its reorganization plan approved by a bankruptcy judge.

In November, the company reported $1.4 billion in assets and $2.48 billion in debt in a 10Q filing with the SEC. (12-18-09)

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