The filing by Citadel Broadcasting with the SEC on Friday afternoon gave real hints that Citadel could be facing a Chapter 11 bankruptcy filing by January 15, 2010. The 10Q filing states, “Based on the current economic conditions and capital markets, the Company does not expect to be able to meet its covenants,” and “Should the Company default … the Company would likely need to seek relief through a Chapter 11 filing under the U.S. Bankruptcy.” Citadel’s 3rd quarter showed no positive signs, including net revenues down 14.1%, and Citadel Media’s radio network business revenue down over 31% from the same time last year. As of September 30, Citadel’s outstanding debt was $2.056 billion, and their debt covenant states it must have $150 million cash-on-hand on January 15, 2010, which their filing said it “does not expect to meet.” Read the 10Q filing with the SEC here.