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News
This week's Citadel Chapter 11 filing shows revenue falloff
The company’s 2007 net revenue was approximately $418 million. In 2008, $382 million, But in the first 11 months of 2009, just $294 million. This morning’s T-R-I Newsletter analyzes the revenue estimates from the bankruptcy court filing and extrapolates the 12-month revenue total for 2009 at around $320-325 million. That would be a loss of more than $90 million in two years' time. It also suggests a 15% revenue decline in 2009. In its lengthy filing, Citadel lists its secured debt to JP Morgan Chase of $2,144,387,150, or more than $2.1 billion. Adding up both secured and unsecured creditors, Citadel estimates it has around $2.8 billion in liabilities.
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