EX-99.1 2 dex991.htm MONTHLY OPERATING REPORT FOR THE MONTH OF MAY 2010. Monthly Operating Report for the month of May 2010.

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

 

In re

   

Citadel Broadcasting Corporation, et al.

       Case No. (Jointly Administered)   

09-17442 (BRL)

   Debtors       Reporting Period:   

May 31, 2010

         Federal Tax I.D. #   

51-0405729

CORPORATE MONTHLY OPERATING REPORT

 

REQUIRED DOCUMENTS

   

    Form No.    

   

Document
Attached

   

Explanation
Attached

Schedule of Cash Receipts and Disbursements

    MOR-1A    X   

Bank Account Information

    MOR 1B    X   

Copies of bank statements (See Notes to MOR)

          X

Cash disbursements journals (See Notes to MOR)

          X

Statement of Operations

    MOR-2    X   

Balance Sheet

    MOR-3    X   

Status of Post-petition Taxes

    MOR-4       X

Copies of IRS Form 6123 or payment receipt

          X

Copies of tax returns filed during reporting period

          X

Summary of Unpaid Post-petition Debts

    MOR-4    X    X

Listing of Aged Accounts Payable

          X

Accounts Receivable Reconciliation and Aging

    MOR-5    X   

Taxes Reconciliation and Aging

    MOR-5       X

Payments to Insiders and Professionals

    MOR-6    X   

Post Petition Status of Secured Notes, Leases Payable

    MOR-6    X   

Debtor Questionnaire

    MOR-7    X   

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

 

/s/ Randy L. Taylor

    

Date July 30, 2010

Signature of Authorized Individual*

    

Randy Taylor, Senior Vice President and Chief Financial Officer

   

Printed Name of Authorized Individual

    

 

* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

 

    MOR

In re

   

Citadel Broadcasting Corporation, et al.

       Case No. (Jointly Administered)   

09-17442 (BRL)

   Debtors       Reporting Period:   

May 31, 2010

         Federal Tax I.D. #   

51-0405729

CORPORATE MONTHLY OPERATING REPORT

 

GENERAL:

The report includes activity as of December 20, 2009 and through May 31, 2010, for the following Debtors and related case numbers.

 

Debtor

   

Case Number

   

Debtor

   

Case Number

Radio Today Entertainment, Inc.

    09-17441    NY Radio, LLC    09-17466

Citadel Broadcasting Corp.

    09-17442    Oklahoma Radio Partners, LLC    09-17467

Alphabet Acquisition Corp.

    09-17443    Radio Assets, LLC    09-17468

Atlanta Radio, LLC

    09-17444    Radio License Holding I, LLC    09-17469

Aviation I, LLC

    09-17445    Radio License Holding II, LLC    09-17470

Chicago FM Radio Assets, LLC

    09-17446    Radio License Holding III, LLC    09-17471

Chicago License, LLC

    09-17447    Radio License Holding IV, LLC    09-17472

Chicago Radio Assets, LLC

    09-17448    Radio License Holding V, LLC    09-17473

Chicago Radio Holding, LLC

    09-17449    Radio License Holding VI, LLC    09-17474

Chicago Radio, LLC

    09-17450    Radio License Holding VII, LLC    09-17475

Citadel Broadcasting Company

    09-17451    Radio License Holding VIII, LLC    09-17476

DC Radio Assets, LLC

    09-17452    Radio License Holding IX, LLC    09-17477

DC Radio, LLC

    09-17453    Radio License Holding X, LLC    09-17478

Detroit Radio, LLC

    09-17454    Radio License Holding XI, LLC    09-17479

International Radio, Inc.

    09-17455    Radio License Holding XII, LLC    09-17480

KLOS Radio, LLC

    09-17456    Radio Networks, LLC    09-17481

KLOS Syndications Assets, LLC

    09-17457    Radio Watermark, Inc.    09-17482

KLOS-FM Radio Assets, LLC

    09-17458    San Francisco Radio Assets, LLC    09-17483

LA License, LLC

    09-17459    San Francisco Radio, LLC    09-17484

LA Radio, LLC

    09-17460    SF License, LLC    09-17485

Minneapolis Radio Assets, LLC

    09-17461    WBAP-KSCS Acquisition Partner, LLC    09-17486

Minneapolis Radio, LLC

    09-17462    WBAP-KSCS Assets, LLC    09-17487

Network Licenses, LLC

    09-17463    WBAP-KSCS Radio Acquisition, LLC    09-17488

NY License, LLC

    09-17464    WBAP-KSCS Radio Group, Ltd.    09-17489

NY Radio Assets, LLC

    09-17465    WPLJ Radio, LLC    09-17490

General Notes:

The financial statements and supplemental information contained herein are preliminary, unaudited and may not comply in all material respects with accounting principles generally accepted in the United States (“GAAP”). In addition, the financial statements and supplemental information contained herein represent condensed consolidated information.

The unaudited financial statements have been derived from the books and records of Citadel Broadcasting Corporation and its affiliated debtors and debtors in possession (collectively, the “Debtors”) only and do not reflect the financial activity or the financial position for non-debtor affiliates of Citadel Broadcasting Corporation. This information has not been subject to certain procedures that would typically be applied to financial information in accordance with GAAP, and the Debtors believe that, upon application of such procedures, the financial information could be subject to change, which could be material. The information furnished in this report includes normal recurring adjustments but does not include all adjustments that would typically be made for financial information in accordance with GAAP. The results of operations contained herein are not necessarily indicative of results which may be expected for any other period or for the full year and may not necessarily reflect the consolidated results of operations and financial positions of the Debtors in the future.

 

    Notes to MOR

In re

   

Citadel Broadcasting Corporation, et al.

       Case No.   

09-17442 (BRL)

   Debtors       Reporting Period:   

May 31, 2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

 

     OPER     PAYROLL     OTHER    CURRENT
MONTH
ACTUAL  (TOTAL
OF ALL
ACCOUNTS)		  

CASH BEGINNING OF MONTH

    $ 115,035,428      $ 210,254      $ 6,142,890    $ 121,388,572   

RECEIPTS

          

ACCOUNTS RECEIVABLE

      59,546,776             59,546,776   

TRANSFERS FROM OPERATIONS

      (19,190,927 )      19,190,574        353      —     
                               

TOTAL RECEIPTS

      40,355,849        19,190,574        353      59,546,776   
                               

DISBURSEMENTS

          

NET PAYROLL

        (12,956,631 )         (12,956,631 ) 

PAYROLL TAXES

        (6,220,637 )         (6,220,637 ) 

OPERATING EXPENSES

      (22,627,264 )           (22,627,264 ) 

RENT

      (1,989,372 )           (1,989,372 ) 

INTEREST & DEBT RELATED CHARGES

      (3,385,749 )           (3,385,749 ) 

PROFESSIONAL FEES

      (1,158,329 )           (1,158,329 ) 
                               

TOTAL DISBURSEMENTS

      (29,160,714 )      (19,177,268 )      —        (48,337,982 ) 
                               

NET CASH FLOW

      11,195,135        13,306        353      11,208,794   
                               

(RECEIPTS LESS DISBURSEMENTS)

          

CASH END OF MONTH

    $ 126,230,562      $ 223,560      $ 6,143,243    $ 132,597,366   
                               

DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH ACTUAL COLUMN):

 

     Citadel
Broadcasting
Corporation		    Citadel
Broadcasting
Company		    Radio Assets,
LLC		    Radio Networks,
LLC		    Total

TOTAL MAY 2010 DISBURSEMENTS

    $ 3,386,107    $ 21,192,535    $ 15,148,098    $ 8,611,243    $ 48,337,982

Notes:

Cash is received as described in the Debtors’ Motion for an Order Authorizing the Debtors to (A) Continue to Operate the Cash Management System; (B) Honor Certain Prepetition Obligations Related to the Cash Management System; (C) Continue to Invest Excess Funds in the Investment Account on an Interim Basis Notwithstanding Section 345(B) of The Bankruptcy Code; (D) Maintain Existing Business Forms; and (E) Grant Administrative Priority For Intercompany Claims and Perform Under Certain Intercompany Arrangements and Historical Practices (the “Cash Management Motion”) [Docket No. 5]. An order granting the Cash Management Motion was entered on February 3, 2010 [Docket No. 99].

Cash disbursements are centralized and are made by four Debtor entities for the benefit of all operating affiliates. The cash disbursements have been presented in a consolidated manner, with disbursements for each entity identified on the bottom of the schedule.

 

    MOR-1A

In re:

   

Citadel Broadcasting Corporation, et al.

       Case No.   

09-17442 (BRL)

   Debtors       Reporting Period:   

May 31, 2010

 

                    May 31, 2010  

Debtor

   

Description

    Bank   

Acct #

    Balance per Bank    Balance per G/L  

Citadel Broadcasting Corporation

    Corporation Account    Bank of America    ****57878    $ 119,400    119,400   

Radio Assets, LLC

    Alphabet Acquisition Corp - Concentration Account    Bank of America    ****57392      4,223,531    4,223,531   

Radio Assets, LLC

    Alphabet Acquisition Corp - Station Disbursement    Bank of America    ****62467      794,677    (88,343 ) 

Radio Networks, LLC

    Radio Networks LLC - Network Disbursement    Bank of America    ****62844      1,958,855    14,914   

LA Radio, LLC

    LA Radio, LLC-ZBA    Bank of America    ****51876      —      —     

Chicago Radio Assets, LLC

   

Chicago Radio Assets,

LLC-ZBA

    Bank of America    ****30008      —      72,475   

KLOS Syndications Assets, LLC

    KLOS Syndications Assets, LLC-ZBA    Bank of America    ****16875      —      —     

KLOS - FM Radio Assets, LLC

    KLOS - FM Radio Assets, LLC-ZBA    Bank of America    ****51877      —      —     

San Francisco Radio Assets, LLC

    San Francisco Radio Assets, LLC-ZBA    Bank of America    ****51886      —      324,638   

Chicago Radio Assets, LLC

    Chicago Radio Assets, LLC Lockbox-ZBA    Bank of America    ****03141      —      44,327   

Minneapolis Radio Assets, LLC

    Minneapolis Radio Assets, LLC-ZBA    Bank of America    ****73299      —      43,651   

WPLJ Radio, LLC

    WPLJ Radio, LLC-ZBA    Bank of America    ****93174      —      30,389   

NY Radio Assets, LLC

    NY Radio Assets, LLC-ZBA    Bank of America    ****93179      —      37,951   

Detroit Radio, LLC

    ABC Radio Detroit LLC - ZBA    Bank of America    ****16433      —      244,116   

Radio Networks, LLC

    Radio Networks, LLC (Dallas) - ZBA    Bank of America    ****72415      —      —     

Chicago Radio Assets, LLC

    Chicago FM Radio Assets, LLC - ZBA    Bank of America    ****61925      —      42,200   

WBAP-KSCS Assets, LLC

    WBAP-KSCS Assets, LLC (Dallas)    Bank of America    ****91381      —      —     

Atlanta Radio, LLC

    ABC Radio Atlanta, LLC (WKHX-FM and
WYAY-FM Atlanta) - ZBA		    Bank of America    ****91527      —      20,671   

Radio Networks, LLC

    Radio Networks, LLC (Dallas) - ZBA    Bank of America    ****01624      —      —     

DC Radio Assets, LLC

    DC Radio Assets, LLC - ZBA    Bank of America    ****43886      —      50,140   

Citadel Broadcasting Company

    Company Concentration Account    Bank of America    ****05912      2,085,184    2,303,608   

Citadel Broadcasting Company

    TN Utility Certificates of Deposit    Bank of America    ****3665      20,800    20,800   

Citadel Broadcasting Company

    TN Utility Certificates of Deposit    Bank of America    ****3678      —      —     

Citadel Broadcasting Company

    Las Vegas Disbursement    Bank of America    ****62462      5,442,092    109,140   

Citadel Broadcasting Company

    Des Moines - ZBA    Bank of America    ****10148      —      58,033   

Citadel Broadcasting Company

    New Orleans - ZBA    Bank of America    ****10162      —      2,946   

Citadel Broadcasting Company

    Tuscaloosa - ZBA    Bank of America    ****12914      —      —     

Citadel Broadcasting Company

    Albuquerque - ZBA    Bank of America    ****05917      —      107,160   

Citadel Broadcasting Company

    Reno - ZBA    Bank of America    ****05931      —      16,810   

Citadel Broadcasting Company

    Little Rock - ZBA    Bank of America    ****05936      —      117,040   

Citadel Broadcasting Company

    Lafayette - ZBA    Bank of America    ****05950      —      4,762   

Citadel Broadcasting Company

    Charleston - ZBA    Bank of America    ****05974      —      4,136   

Citadel Broadcasting Company

    Oklahoma City - ZBA    Bank of America    ****05993      —      151,975   

Citadel Broadcasting Company

    Boise - ZBA    Bank of America    ****05998      —      3,680   

Citadel Broadcasting Company

    Tri-cities - ZBA    Bank of America    ****06020      —      27,054   

Citadel Broadcasting Company

    Columbia - ZBA    Bank of America    ****06044      —      421   

Citadel Broadcasting Company

    Birmingham - ZBA    Bank of America    ****06063      —      54,273   

Citadel Broadcasting Company

    Nashville - ZBA    Bank of America    ****06082      —      114,691   

Citadel Broadcasting Company

    Knoxville - ZBA    Bank of America    ****06087      —      17,024   

Citadel Broadcasting Company

    Tucson - ZBA    Bank of America    ****06100      —      145,751   

Citadel Broadcasting Company

    Chattanooga - ZBA    Bank of America    ****06124      —      56,976   

Citadel Broadcasting Company

    Baton Rouge - ZBA    Bank of America    ****06143      —      11,373   

Citadel Broadcasting Company

    Memphis - ZBA    Bank of America    ****06148      —      167,000   

Citadel Broadcasting Company

    Modesto - ZBA    Bank of America    ****06167      —      32,161   

Citadel Broadcasting Company

    New London - ZBA    Bank of America    ****17313      —      26,620   

Citadel Broadcasting Company

    Dover (Portsmouth) - ZBA    Bank of America    ****17339      —      274   

Citadel Broadcasting Company

    Buffalo - ZBA    Bank of America    ****17342      —      24,766   

Citadel Broadcasting Company

    Kokomo - ZBA    Bank of America    ****17355      —      —     

Citadel Broadcasting Company

    Harrisburg - ZBA    Bank of America    ****17368      —      11,893   

Citadel Broadcasting Company

    Erie - ZBA    Bank of America    ****17371      —      20,193   

Citadel Broadcasting Company

    Augusta - ZBA    Bank of America    ****17397      —      2,658   

Citadel Broadcasting Company

    Portland - ZBA    Bank of America    ****17407      —      61,389   

 

    MOR-1B

In re:

   

Citadel Broadcasting Corporation, et al.

       Case No.   

09-17442 (BRL)

   Debtors       Reporting Period:   

May 31, 2010

 

                   May 31, 2010

Debtor

   

Description

    Bank  

Acct #

    Balance per Bank    Balance per G/L

Citadel Broadcasting Company

    Presque Isle - ZBA    Bank of America   ****17410    —      —  

Citadel Broadcasting Company

    Providence - ZBA    Bank of America   ****17423    —      160,470

Citadel Broadcasting Company

    Worchester - ZBA    Bank of America   ****17449    —      9,592

Citadel Broadcasting Company

    New Castle (Muncie) - ZBA    Bank of America   ****17452    —      —  

Citadel Broadcasting Company

    Binghamton - ZBA    Bank of America   ****17465    —      5,528

Citadel Broadcasting Company

    Wilkes Barre - ZBA    Bank of America   ****17478    —      89,936

Citadel Broadcasting Company

    Syracuse - ZBA    Bank of America   ****17481    —      —  

Citadel Broadcasting Company

    Allentown - ZBA    Bank of America   ****17494    —      17,722

Citadel Broadcasting Company

    New Bedford - ZBA    Bank of America   ****17504    —      17,807

Citadel Broadcasting Company

    Springfield - ZBA    Bank of America   ****38020    —      135

Citadel Broadcasting Company

    Muskegon - ZBA    Bank of America   ****21941    —      —  

Citadel Broadcasting Company

    Lansing - ZBA    Bank of America   ****93979    —      4,057

Citadel Broadcasting Company

    Saginaw - ZBA    Bank of America   ****93995    —      3,552

Citadel Broadcasting Company

    Grand Rapids - ZBA    Bank of America   ****96840    —      1,210

Citadel Broadcasting Company

    Concentration    US Bank   ****57798    208,548    208,548

Citadel Broadcasting Company

    Colorado Springs Depository    US Bank   ****57806    —      84,418

Citadel Broadcasting Company

    Salt Lake City Depository    US Bank   ****57814    —      301,835

Citadel Broadcasting Company

    Birmingham    Wachovia   ****61601    154,781    154,781

Citadel Broadcasting Company

    Tuscaloosa    Wachovia   ****84273    94,361    94,391

Citadel Broadcasting Company

    Harrisburg    Susquehanna Bank   ****09801    57,842    57,842

Citadel Broadcasting Company

    Birmingham Depository    First Commercial Bank   ****173-3    19,443    5,008

Citadel Broadcasting Company

    Kokomo    Harris, N.A.   ****56039    32,015    41,456

Citadel Broadcasting Company

    Muncie    Main Bank   ****22283    12,164    15,463

Citadel Broadcasting Company

    Erie    PNC Bank   ****-8093    20,193    —  

Citadel Broadcasting Company

    Presque Isle    Key Bank   ****04366    231,105    269,533

Minneapolis Radio Assets, LLC

    Minneapolis KQRS    Wells Fargo   ****04279    43,327    44,123

Citadel Broadcasting Company

    Binghamton    M&T Bank   ****00819    24,541    24,541

Citadel Broadcasting Corporation

    Corporation Account    JP Morgan Chase   ****58195    2,000    2,000

Citadel Broadcasting Company

    Company Concentration    JP Morgan Chase   ****58203    285,903    285,903

Citadel Broadcasting Company

    Medical    JP Morgan Chase   ****36015    10,069    15,144

Citadel Broadcasting Company

    Medical    JP Morgan Chase   ****58278    Not
currently in
use		   

Citadel Broadcasting Company

    Controlled Disbursement    JP Morgan Chase   ****58237    Not
currently in
use		   

Citadel Broadcasting Company

    New Orleans Depository-ZBA    JP Morgan Chase   ****58328    —      39,665

Citadel Broadcasting Company

   

Lafayette

Depository-ZBA

    JP Morgan Chase   ****58310    —      —  

Citadel Broadcasting Company

    Baton Rouge Depository-ZBA    JP Morgan Chase   ****58302    —      72,243

Radio Assets, LLC

    Alphabet Acquisition Corp Concentration    JP Morgan Chase   ****58286    Not
currently in
use		   

Radio Assets, LLC

    Alphabet Acquisition Corp Controlled Disbursement    JP Morgan Chase   ****58245    Not
currently in
use		   

Radio Networks, LLC

    Radio Networks, LLC Network Controlled Disbursement    JP Morgan Chase   ****58252    Not
currently in
use		   

Citadel Broadcasting Corporation

    Investment Account    Bank of America   ****9-1-0    114,302,733    114,302,733

Citadel Broadcasting Company

    Medical Account - ZBA    Bank of America   ****6129    27,038    20,903

Citadel Broadcasting Company

    Medical    JP Morgan Chase   ****32839    5,105   

Citadel Broadcasting Corporation

    Corporate Trading Account    Credit Suisse
Securities (USA) LLC		   ****2N3FA    317    317

Radio Networks, LLC

    Radio Network, LLC DDA Account (ESPN)    Bank of America   ****58158    1,000,000    1,000,000

Citadel Broadcasting Corporation

    Citadel Broadcasting Corporation Cash Collateral Account    JP Morgan Chase   ****24881    3,073,935    3,073,935

Citadel Broadcasting Company

    Collateral for Merchant Accounts    Bank of America   ****56966    2,301,589    2,301,589

Citadel Broadcasting Company

    Citadel Broadcasting Company Wood Escrow    JP Morgan Chase   ****26951    160,084
160,000		    160,084
160,000

Citadel Broadcasting Company

    Utility Escrow Account    JP Morgan Chase   ****15669    607,635    607,635

Radio Assets, LLC

    Payroll    JP Morgan Chase   ****58229    Not
currently in
use		   

Radio Assets, LLC

    Radio Assets, LLC    Bank of America   ****57397    46,970    46,907

Citadel Broadcasting Company

    Las Vegas Payroll - ZBA    Bank of America   ****5955    176,653    176,653

Citadel Broadcasting Company

    Payroll Account    JP Morgan Chase   ****58211    Not
currently in
use		   

 

    MOR-1B

In re:

   

Citadel Broadcasting Corporation, et al.

       Case No.   

09-17442 (BRL)

   Debtors       Reporting Period:   

May 31, 2010

 

                    May 31, 2010  

Debtor

   

Description

   

Bank

   

Acct #

    Balance per Bank    Balance per G/L  
      Total accounts          $ 132,732,326   
     

Plus: Petty Cash

            25,040   
     

Less: Long-term portion of escrow account classified as Other Assets

      (160,000 ) 
                    
     

Total Cash per balance sheet at May 31, 2010

    $ 132,597,366   
                    

Note:

All of the Debtors’ bank account reconciliations have been performed and are current. Copies of the reconciliations are available upon request.

 

    MOR-1B

In re:

   

Citadel Broadcasting Corporation, et al.

       Case No.   

09-17442 (BRL)

  

Debtors

       Reporting Period:   

May 31, 2010

Citadel Broadcasting Corporation

Statement of Operations

For the Month of May 2010 and Cumulative from December 20, 2009

UNAUDITED

 

     Month Ended     December 20, 2009 -
     May 31, 2010     May 31, 2010

REVENUES

     

Cash Revenues

    $ 65,855,073      $ 309,922,964

Trade Revenue

      1,943,414        8,313,978
              

Net Revenue

      67,798,487        318,236,941
              

OPERATING EXPENSES

     

Advertising and Promotions

      829,364        2,619,267

Bad Debts

      (167,124 )      870,743

Compensation and Benefits

      22,637,443        119,237,941

Depreciation and Amortization

      2,246,712        12,325,415

General and Administrative

      4,530,247        25,932,523

Programming Costs

      6,689,916        35,565,924

Real Estate, Property, and Other Taxes

      1,015,260        2,811,345

Rent

      1,688,955        9,303,436

Payroll Taxes

      1,386,467        8,496,565

Trade Expenses

      1,757,316        8,069,310

Utilities

      1,387,494        7,698,149
              

Total Operating Expenses

      44,002,050        232,930,617
              

Operating Income

      23,796,437        85,306,325

Interest Expense, Net

      3,713,917        19,212,758

Reorganization Items

      20,788,895        37,485,688
              

Income (Loss) Before Taxes

      (706,375 )      28,607,879

Income Taxes

      4,033,840        5,063,554
              

Net Income (Loss)

    $ (4,740,215 )    $ 23,544,324
              

 

    MOR-2

In re:

   

Citadel Broadcasting Corporation, et al.

       Case No.   

09-17442 (BRL)

  

Debtors

       Reporting Period:   

May 31, 2010

Citadel Broadcasting Corporation

Balance Sheets

As of May 31, 2010, April 30, 2010 and December 20, 2009

UNAUDITED

 

     May 31, 2010     Prior Reporting
Month
April 30, 2010		     Petition
Date
December 20, 2009		  

ASSETS

       

CURRENT ASSETS

       

Cash (1)

    $ 132,597,366      $ 121,388,572      $ 49,145,742   

Accounts Receivable

      144,089,419        128,891,493        152,803,370   

Prepaid Expenses and Other Current Assets

      12,827,509        18,788,104        21,145,807   
                        

Total Current Assets

      289,514,294        269,068,169        223,094,919   
                        

PROPERTY & EQUIPMENT

       

Real Property and Improvements

      159,666,047        159,776,361        159,591,386   

Towers and Transmitters

      185,862,785        193,457,661        194,037,797   

Furniture, Fixtures and Office Equipment

      29,340,223        30,258,029        30,089,492   

Leasehold Improvements

      35,503,588        35,632,463        35,662,820   

Vehicles

      9,028,556        9,298,696        9,146,329   

Less: Accumulated Depreciation

      (222,714,143 )      (230,049,556 )      (227,592,742 ) 
                        

Total Property and Equipment (Net)

      196,687,056        198,373,654        200,935,082   
                        

OTHER ASSETS

       

FCC Licenses

      598,457,766        598,457,766        598,457,766   

Goodwill

      321,975,708        321,975,708        321,975,708   

Other Intangibles

      18,627,650        19,874,509        24,552,113   

Other Non Current Assets

      49,537,997        49,501,219        48,796,200   
                        

Total Other Assets

      988,599,121        989,809,202        993,781,788   
                        

Total Assets

    $ 1,474,800,471      $ 1,457,251,025      $ 1,417,811,789   
                        

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

       

LIABILITIES NOT SUBJECT TO COMPROMISE

       

Accounts Payable

    $ 5,488,892      $ 3,064,319      $ 1,774,066   

Taxes Payable (refer to FORM MOR-4)

      2,185,802        1,538,349        1,378,237   

Compensation and Benefits Payable

      13,933,190        11,811,916        10,805,645   

Deferred Tax Liability

      185,579,670        181,798,753        180,390,310   

Other Liabilities

      35,386,110        22,211,110        11,953,046   
                        

Total Liabilities Not Subject to Compromise

      242,573,664        220,424,447        206,301,304   
                        

LIABILITIES SUBJECT TO COMPROMISE

       

AP and Accrued Liabilities

      77,590,170        77,661,641        76,779,522   

Notes Payable

      2,144,387,154        2,144,387,154        2,148,397,154   

Convertible Notes

      48,310,000        48,310,000        48,310,000   
                        

Total Liabilities Subject to Compromise

      2,270,287,324        2,270,358,795        2,273,486,676   
                        

Total Liabilities

      2,512,860,988        2,490,783,242        2,479,787,980   
                        

SHAREHOLDERS’ EQUITY (DEFICIT)

       

Common Stock

      2,942,376        2,942,589        2,940,884   

Treasury Stock

      (344,375,729 )      (344,375,729 )      (344,370,551 ) 

Additional Paid-In Capital

      2,448,186,604        2,447,974,476        2,446,871,568   

Retained Deficit - Pre-Petition (2)

      (3,168,358,092 )      (3,168,358,092 )      (3,167,418,092 ) 

Retained Earnings - Post-petition

      23,544,324        28,284,539        0   
                        

Shareholders’ Deficit

      (1,038,060,517 )      (1,033,532,217 )      (1,061,976,191 ) 
                        

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

    $ 1,474,800,471      $ 1,457,251,025      $ 1,417,811,789   
                        

Notes:

 

(1) The Cash balance includes Restricted Cash of $6,143,243 at 5/31/10, $6,142,890 at 4/30/10, and $6,470,035 at 12/20/09.
(2) The Retained Deficit - Pre-Petition balance at 3/31/10 was adjusted to reflect final adjustments related to the year-end audit.

 

    MOR-3

In re

   

Citadel Broadcasting Corporation, et al.

       Case No.   

09-17442 (BRL)

   Debtors       Reporting Period:   

May 31, 2010

STATUS OF POST-PETITION TAXES

The Debtors have paid and are paying all undisputed post petition taxes as they come due.

The Debtors have paid and are paying prepetition taxes in accordance with the Order (A) Authorizing, but not Directing, the Debtors to Pay Taxes and Fees and (B) Authorizing Financial Institutions to Honor All Related Checks and Electronic Payments Requests (the “Tax Order”) which was entered on February 3, 2010 [Docket No. 102].

SUMMARY OF UNPAID POST-PETITION DEBTS

 

     Number of Days Past Due
     Current    0-30    31-60    61+    Total

Accounts Payable

    $ 3,031,498    $ 930,940    $ 975,647    $ 550,807    $ 5,488,892

The Debtors are paying all undisputed amounts that come due on a post-petition basis in the ordinary course of business. The Debtors have sufficient cash to pay their post-petition obligations in the ordinary course as they come due.

 

    MOR-4

In re

   

Citadel Broadcasting Corporation, et al.

       Case No.   

09-17442 (BRL)

   Debtors       Reporting Period:   

May 31, 2010

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

 

Accounts Receivable Reconciliation

    Amount  

Total Accounts Receivable at the beginning of the month

    $ 137,403,343   

Plus: Amounts billed during the period

      82,691,679   

Less: Amounts collected during the period

      (59,546,776 ) 

Less: Bad Debt Write-offs

      (261,110 ) 

Plus/Less: Increase (Decrease) in Other Accounts Receivable

      (8,061,886 ) 
        

Total Accounts Receivable at the end of the month

    $ 152,225,251   
        

Accounts Receivable Aging

    Total  

0 - 30 days old

    $ 65,448,100   

31 - 60 days old

      40,001,009   

61 - 90 days old

      24,883,873   

91+ days old

      11,846,700   
        

Total Trade Accounts Receivable

      142,179,682   

Other Accounts Receivable (1)

      10,045,569   
        

Total Accounts Receivable

      152,225,251   

Less: Bad Debts (Amount considered uncollectible)

      (8,135,832 ) 
        

Net Accounts Receivable at May 31, 2010

    $ 144,089,419   
        

Note:

(1) Other Accounts Receivable represents items other than standard trade receivables, including unbilled receivables, income tax receivables, barter receivables, amounts due pursuant to the Debtors' national representation agreement, and amounts due from content providers on account of sales of advertising.

 

    MOR-5

In re

   

Citadel Broadcasting Corporation, et al.

       Case No.   

09-17442 (BRL)

   Debtors       Reporting Period:   

May 31, 2010

PAYMENTS TO INSIDERS AND PROFESSIONALS

PAYMENTS TO INSIDERS

 

NAME

    TYPE OF
PAYMENT		    AMOUNT PAID    TOTAL PAID TO
DATE

Ellis, Jesse

    Compensation    $ 6,333    $ 34,851

Ellis, Judith

    Compensation      47,365      241,353

Forstmann, J. Anthony

    Directors Fees      7,010      32,010

Mayer, Kenneth R.

    Compensation      16,156      99,720

Miles, Michael A.

    Directors Fees      2,381      32,381

Orr, Jacquelyn J.

    Compensation      27,713      141,245

Regan, Michael J.

    Directors Fees      —        30,060

Reifenheiser, Thomas

    Directors Fees      —        27,500

Rosso, John J.

    Compensation      30,486      176,018

Smith, Wayne T.

    Directors Fees      1,797      31,797

Stratford, Patricia

    Compensation      15,841      88,700

Suleman, Farid

    Compensation      99,938      505,602

Taylor, Randy

    Compensation      31,714      169,266
                

TOTAL PAYMENTS TO INSIDERS

    $ 286,734    $ 1,610,502
                

 

PAYMENTS TO PROFESSIONALS

NAME

    AMOUNT
PAID		    TOTAL PAID TO
DATE

Alvarez & Marsal North America

    $ 157,450    $ 721,548

Chanin Capital Partners

      350,702      350,702

Deloitte Tax LLP

      —        365,230

Deloitte & Touche LLP

      —        163,867

FTI Consulting Inc

      148,605      727,540

Kelley Drye & Warren LLP

      —        62,468

Kirkland & Ellis LLP

      425,350      1,275,523

Kurtzman Carson Consultants

      —        2,391,373

Moelis & Co LLC

      —        535,798

Quinn Emanuel Urquhart & Sullivan LLP

      —        25,096

Simpson Thacher & Bartlett LLP

      251,371      470,266

Stroock & Stroock & Lavan LLP

      224,828      705,639
             
TOTAL PAYMENTS TO PROFESSIONALS    $ 1,558,305    $ 7,795,050
             

POST-PETITION STATUS OF SECURED NOTES, LEASES PAYABLE

AND ADEQUATE PROTECTION PAYMENTS

 

NAME OF CREDITOR

    SCHEDULED
MONTHLY
PAYMENT DUE		    AMOUNT PAID
DURING MONTH		    TOTAL UNPAID
POST-
PETITION

JP Morgan Chase Bank

    $ 3,385,749    $ 3,385,749    $ 512,007
                

TOTAL PAYMENTS

    $ 3,385,749    $ 512,007
                

Notes:

In the schedule of payments to professionals, the Debtors have not included amounts paid to or incurred by Ordinary Course Professionals (the “OCPs”). Amounts paid include invoices applied to pre-petition retainers.

The schedule of Post Petition Status of Secured Notes, Leases Payable and Adequate Protection Payments includes all payments made pursuant to the Interim Order Pursuant to 11 U.S.C. §§ 361 and 363 (A) Authorizing Use of Cash Collateral, (B) Granting Adequate Protection to Prepetition Secured Parties and (C) Scheduling a Final Hearing (the “Interim Cash Collateral Order”) [Docket No. 22] which was entered on December 21, 2009, with the exception of payments to the secured lenders' professionals, which are included on the schedule of payments to professionals.

The unpaid post-petition amount included in the schedule of Post Petition Secured Lenders represents a portion of May 2010 interest that is due in June 2010.

 

    MOR-6

In re:

   

Citadel Broadcasting Corporation, et al.

       Case No.   

09-17442 (BRL)

   Debtors       Reporting Period:   

May 31, 2010

DEBTOR QUESTIONNAIRE

 

    

Must be completed each month. If the answer to any of the questions is “Yes”, provide a detailed explanation of each item. Attach additional
sheets if necessary.

    Yes / No
1.    Have any assets been sold or transferred outside the normal course of business this reporting period?    No
2.    Have any funds been disbursed from any account other than a debtor in possession account this reporting period?    No
3.    Is the Debtor delinquent in the timely filing of any post-petition tax returns?    No
4.    Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies?    No
5.    Is the Debtor delinquent in paying any insurance premium payment?    No
6.    Have any payments been made on pre-petition liabilities this reporting period?    Yes
7.    Are any post petition receivables (accounts, notes or loans) due from related parties?    No
8.    Are any post petition payroll taxes past due?    No
9.    Are any post petition State or Federal income taxes past due?    No
10.    Are any post petition real estate taxes past due?    No
11.    Are any other post petition taxes past due?    No
12.    Have any pre-petition taxes been paid during this reporting period?    Yes
13.    Are any amounts owed to post petition creditors delinquent?    No
14.    Are any wage payments past due?    Yes
15.    Have any post petition loans been received by the Debtor from any party?    No
16.    Is the Debtor delinquent in paying any U.S. Trustee fees?    No
17.    Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?    No
18.    Have the owners or shareholders received any compensation outside of the normal course of business?    No

Explanations for “Yes” responses:

   
6.    The Debtors have made court-approved payments on pre-petition liabilities during the current reporting period.
12.    The Debtors have made court-approved tax payments on pre-petition liabilities during the current reporting period.
14.    The Debtors received authority from the Bankruptcy Court to pay certain employee wages in amounts not exceeding $10,950 [See Order Authorizing, but not Directing, Debtors (A) to Pay Certain Prepetition Wages and Reimbursable Employee Expenses, (B) to Pay and Honor Employee Medical and Other Benefits and (C) To Continue Employee Benefits Programs and Authorizing Financial Institutions to Honor all Related Checks and Electronic Payment Requests (Docket No. 100)]. Certain amounts owing to employees in excess of $10,950 remain unpaid.

 

    MOR-7