Clear Channel facing creditors; on verge of collapse

Clear Channel Communications appears to be on the brink of collapse. Sources told the New York Post that if the largest radio station owner can’t restructure its debt in the next few years, it will likely collapse. The large creditors would like to see that happen. Negotiations with some lenders to refinance a “crippling” debt have apparently been unsuccessful.

Locally, CC owns WDVE-FM (102.5), WXDX-FM (105.9), WWSW-FM (94.5), WKST-FM (96.1), WPGB-FM (104.7) and WBGG-AM (970).