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News
"Prepackaged bankruptcy" is an option, says Citadel's CEO to the Wall Street Journal
The comments by Citadel CEO Farid Suleman may be the most dire yet for the company’s prospects for getting through 2009. Suleman tells the Journal that Citadel missed a $2 million interest payment on debt that was due August 15, but can make the payment by September 15. If it doesn’t, it faces a possible default. Suleman also tells the Journal that Citadel may not be able to meet conditions for debt repayment four months from now on January 15, and he says all options will be on the table, “including prepackaged bankruptcy.” Citadel is currently carrying a $2 billion debt load, but only has $27.8 milllion cash on-hand. Read more from the Journal here.
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