This week’s filing in a New York federal bankruptcy court slashes the more than $2 billion in debt by two-thirds and gives the senior lenders 90% of the equity in Citadel. That lending group, led by JP Morgan Chase, is currently owed $2,144,387,150. The filing puts the value of Citadel’s assets at around $1.6 billion. Unsecured creditors have a choice: accept a slice of the other 10% of Citadel’s equity or take cash of up to 5% of the claim (but no more than $2 million). The shape of the Chapter 11 agreement is becoming clear, including this fact: Walt Disney Company, from whom Citadel acquired 22 radio stations and the ABC Radio Networks in June 2007, has no interest in Citadel. It received cash from Citadel in 2007 and spun off the remaining interest to its shareholders.