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Why is Citadel Radio's stock (CDL) selling for 12 cents a share?
I am a novice investor. While their debt is a little high, it doesn't seem outrageous. And Citadel seems to be making money. Why is this stock priced at bankruptcy levels?
3 Answers
- Robert MLv 71 decade agoFavorite Answer
$2,100,000,000 in debt is a bit much! More than 5 times any shareholder equity.
Over the past 12 months Citadel has not made money they lost $1,109,289,000.
- Grandpa SharkLv 71 decade ago
Could be anything, Debt, delisting or the fact that they defaulted on some loans from a merger. You might want to look at their sec fillings for august 2008.
- TedLv 71 decade ago
Where do you get that "they seem to be making money"? They lost $4.11 per share last year. http://finance.yahoo.com/q?d=t&s=CDL
They are going to be delisted http://biz.yahoo.com/e/081202/cdl8-k.html
