UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Amendment No. 3
Under the Securities Exchange Act of 1934
Citadel Broadcasting Corporation
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.01 par value
--------------------------------------------------------------------------------
(Title of Class of Securities)
17285T106
--------------------------------------------------------------------------------
(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
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
May 28, 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 9 Pages)
---------------------------- ----------------------------
CUSIP No. 17285T106 SCHEDULE 13D Page 2 of 9 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
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 0
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
0
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 17285T106 SCHEDULE 13D Page 3 of 9 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Aurelius Capital International, Ltd.
------------- -----------------------------------------------------------------
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 0
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
0
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 17285T106 SCHEDULE 13D Page 4 of 9 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Aurelius Convergence Fund, Ltd.
------------- -----------------------------------------------------------------
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 0
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
0
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 17285T106 SCHEDULE 13D Page 5 of 9 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Aurelius Capital Management, LP
------------- -----------------------------------------------------------------
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 0
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
0
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 17285T106 SCHEDULE 13D Page 6 of 9 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Aurelius Capital GP, LLC
------------- -----------------------------------------------------------------
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 0
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
0
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 17285T106 SCHEDULE 13D Page 7 of 9 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Mark D. Brodsky
------------- -----------------------------------------------------------------
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
United States
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 0
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
0
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 17285T106 SCHEDULE 13D Page 8 of 9 Pages
---------------------------- ----------------------------
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 and
Amendment No. 2, filed on May 11, 2010 ("Amendment No. 2"), 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 No 3. amends Items 3, 4 and 5 as set forth below. This is
the final amendment to the Schedule 13D and constitutes an "exit filing" for the
Reporting Persons, who do not intend to file any further amendments to the
Schedule 13D.
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 $0.
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.
On May 12 and 17, 2010, the Bankruptcy Court held hearings to consider
confirmation of the Plan. Following these hearings, the Bankruptcy Court entered
an order confirming the Plan and overruling the Aurelius Funds' objections
thereto. Each Aurelius Fund subsequently determined to sell its shares based on
various factors used to determine its investment decision, including the
Bankruptcy Court's ruling. The Reporting Persons no longer have any intention to
influence the outcome of the Bankruptcy Case.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
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. 2, which are set forth on Schedule A. The Aurelius Funds
are the only Reporting Persons to have effected transactions in the Common Stock
since the filing of Amendment No. 2.
---------------------------- ----------------------------
CUSIP No. 17285T106 SCHEDULE 13D Page 9 of 9 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: June 2, 2010
AURELIUS CAPITAL PARTNERS, LP AURELIUS CAPITAL INTERNATIONAL, LTD.
By: Aurelius Capital GP, LLC, its General By: Aurelius Capital Management, LP,
Partner solely as investment manager and not
in its individual capacity
By: /s/ Dan Gropper
----------------------
Name: Dan Gropper By: /s/ Dan Gropper
Title: Managing Director ---------------
Name: Dan Gropper
Title: Managing Director
AURELIUS CONVERGENCE FUND, LTD. AURELIUS CAPITAL MANAGEMENT, LP
By: Aurelius Capital Management, LP, By: /s/ Dan Gropper
solely as investment ---------------
manager and not in Name: Dan Gropper
its individual capacity Title: Managing Director
By: /s/ Dan Gropper
---------------------
Name: Dan Gropper
Title: Managing Director
AURELIUS CAPITAL GP, LLC /s/ Mark D. Brodsky
-------------------
MARK D. BRODSKY
By: /s/ Dan Gropper
----------------------
Name: Dan Gropper
Title: Managing Director
SCHEDULE A
This Schedule A sets forth transactions in the Common Stock by the Aurelius
Funds since the filing of Amendment No. 2. 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 ($)(1)
------------------- ----------------------- ------------------- ------------------
5/11/2010 435,197 0.1439 0.1360 - 0.1500
5/13/2010 159,761 0.0991 0.0875 - 0.1070
5/17/2010 (461,591) 0.0511 0.0500 - 0.0741
5/17/2010 13,075 0.0900 N/A
5/28/2010 (1,308,702) 0.0208 0.0200 - 0.0253
6/1/2010 (7,091,768) 0.0114 0.0100 - 0.0193
* Excluding commissions.
(1) The price reported in the column Price Per Share ($)* 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 ($)(2)
------------------- ----------------------- ------------------- ------------------
5/11/2010 564,803 0.1439 0.1360 - 0.1500
5/13/2010 193,239 0.0991 0.0875 - 0.1070
5/17/2010 (599,263) 0.0510 0.0500 - 0.0741
5/17/2010 16,925 0.0900 N/A
5/28/2010 (1,699,029) 0.0210 0.0200 - 0.0253
6/1/2010 (9,206,923) 0.0114 0.0100 - 0.0193
* Excluding commissions.
(2) The price reported in the column Price Per Share ($)* 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 ($)(3)
------------------- ----------------------- ------------------- ------------------
5/17/2010 (121,746) 0.0510 0.0500 - 0.0741
5/28/2010 (345,174) 0.0210 0.0200 - 0.0253
6/1/2010 (1,870,473) 0.0114 0.0100 - 0.0193
* Excluding commissions.
(3) The price reported in the column Price Per Share ($)* 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.