Citadel Broadcasting Corp. has unveiled its plan to restructure and exit bankruptcy protection, a proposal that would give senior lenders owed more than $2 billion 90% of the radio broadcaster’s equity plus new debt, The Wall Street Journal reports.

After nine months of cost-cutting under the protection of U.S. and Canadian courts, AbitibiBowater Inc. has stacked up the cash and is ramping up to exit bankruptcy by the middle of the year, company spokesman Seth Kursman said Thursday. Read the Daily Bankruptcy Review story here.

Top thoroughbred racehorse owner Ahmed Zayat filed for bankruptcy Wednesday to block a possible bank takeover of his racing stable, according to the Lexington Herald-Leader.

EMI Group, the record label at the center of an bitter legal dispute between buyout house Terra Firma and Citigroup, posted a full-year GBP1.56 billion net loss and said it needed more money to stay afloat, DealBook reports, citing Reuters.

A federal bankruptcy court judge Thursday rejected a request by Philadelphia Newspapers LLC to force the company’s largest creditors to disclose the value and amount of the debt each owns, according to the Philadelphia Inquirer.

The Detroit City Council approved a settlement Thursday with Greektown Casino that gives the city $13.1 million and also supports the gaming company’s bankruptcy-exit plan, the Detroit News reports.