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Citadel re-org is approved by U.S. federal bankruptcy judge

The plan okayed in Manhattan today by Judge Burton Lifland is a revision of the original terms, which would have paid unsecured creditors 15 cents on the dollar. The plan just submitted to the court sweetened that to 36 cents. Some shareholders of “CDL” stock still aren’t satisfied, and they will be heard at the May 12 confirmation hearing. Citadel filed for Chapter 11 bankruptcy protection on December 21. It will likely emerge from Chapter 11 with only one-third the debt ($762.5 million instead of $2.1 billion) and with the creditors owning 90% of the company. A Bloomberg/Business Week report has more on the objections of some big shareholders, who claim that Citadel is “stockpiling cash” and that the equity-holders are being shortchanged.

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