Citadel Broadcasting: court grants 1st-day motions
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Citadel Broadcasting Corp. said Monday that the U.S. Bankruptcy Court for the Southern District of New York has granted all of its first-day motions — including allowing the company access to over $36 million in cash it has on hand and cash it brings in from daily operations to pay workers and vendors.
Citadel, the nation's third-largest radio broadcasting company, filed for Chapter 11 bankruptcy protection on Sunday in a move meant to restructure its heavy debt load. In court documents, the Las Vegas-based company listed its total assets as of Oct. 30 at $1.4 billion and total debt at $2.46 billion.
The company has an agreement with more than 60 percent of its senior secured lenders as part of a pre-negotiated financial restructuring that will eliminate $1.4 billion of its debt.
Citadel said Monday that having access to the funds will let it keep satisfying financial obligations as it restructures its business. The company received court approval to pay wages, salaries, health benefits and other obligations it has to employees as it restructures. The court is allowing it to keep honoring current customer programs as well, Citadel said.
Citadel owns and operates 224 radio stations and produces radio programing for 4,000 station affiliates and 8,500 program affiliates.
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USCIS Adjusting Premium Processing Fee
U.S. Citizenship and Immigration Services (USCIS) announced today it is adjusting the premium processing fee for Form I-129, Petition for a Nonimmigrant Worker and Form I-140, Immigrant Petition for Alien Workers beginning on Oct. 1, 2018 to more effectively adjudicate petitions and maintain effective service to petitioners.
The premium processing fee will increase to $1,410, a 14.92 percent increase (after rounding) from the current fee of $1,225. This increase, which is done in accordance with the Immigration and Nationality Act, represents the percentage change in inflation since the fee was last increased in 2010 based on the Consumer Price Index for all Urban Consumers.
“Because premium processing fees have not been adjusted since 2010, our ability to improve the adjudications and service processes for all petitioners has been hindered as we’ve experienced significantly higher demand for immigration benefits. Ultimately, adjusting the premium processing fee will allow us to continue making necessary investments in staff and technology to administer various immigration benefit requests more effectively and efficiently,” said Chief Financial Officer Joseph Moore. “USCIS will continue adjudicating all petitions on a case-by-case basis to determine if they meet all standards required under applicable law, policies, and regulations.”
Premium processing is an optional service that is currently authorized for certain petitioners filing Forms I-129 or I-140. The system allows petitioners to request 15-day processing of certain employment-based immigration benefit requests if they pay an extra fee. The premium processing fee is paid in addition to the base filing fee and any other applicable fees, which cannot be waived.