You've got it about right in that question. The report was about as good as it could of been considering the enviroment. Sales dropped despite the election but they managed to buy back some debt which is the good news in the report.
Well, no doubt no one feels they will make it. The stock is clearly priced for BK. They should have negoiated a bigger discount on the pay down of their debt. They should easly get a 25% discount. They should play hard ball with their creditors. I don't think the creditors want to run a radio station.
Take a look at the News Corp earnings report and read about how bad things are in the advertising market. Even MySpace ad sales are dropping. The next year will be a tough time in the advertising market. Many weak companies will go away. I suppose some may believe this is a strong company but the reality is that it is a overleveraged company depending on advertising sales in the worse market in 70 years. I hope no one has money invested in this they can't afford to lose.