Citadel Broadcasting Corp., which owns three FM radio stations in the Buffalo market, has filed for Chapter 11 bankruptcy protection.

The announcement was made Dec. 20 by the nation's third-largest radio broadcasting company. Las Vegas-based Citadel's Buffalo properties include WGRF-FM - the flagship station for the Buffalo Bills - WEDG-FM and WHTT-FM.

In documents filed in U.S. Bankruptcy Court for the Southern District of New York, the company reported assets of $1.4 billion and debt totaling $2.46 billion.

Citadel said it had the support of the majority of its senior lenders and will work with others on a restructuring plan. An agreement is in place with more than 60 percent of the company's lenders to extinguish about $1.4 billion of debt.

"Our business will continue as usual and the company will work to emerge from the restructuring process as quickly as possible," CEO Farid Suleman said in a prepared statement.

Citadel owns and operates a total of 224 radio stations in more than 50 markets across the U.S.