Rochester,NY 8/31/2009 9:54:39 PM
Sinclair Broadcast Group Inc. SBGI, lender pact staves off bankruptcy
Sinclair Broadcast Group Inc.
Sinclair (NASDAQ: SBGI) had disclosed in July that if it failed to repay its obligations on time, it might not even have a chance to file for Chapter 11, as creditors could force Sinclair into bankruptcy. Sinclair was preparing for possible restructuring through bankruptcy.
The company had $1.3 billion in outstanding debt as of March 31. The holders of Sinclair’s 3 percent convertible senior notes and 4.875 percent senior subordinated notes possibly were going to require the company to buy back $500 million of that debt in the next 18 months.
Sinclair executives announced they reached an agreement with holders of $437.8 million in notes for a private placement of debt securities scheduled to mature in 2014.
Sinclair owns 58 TV stations, including Milwaukee CW network affiliate WVTV-TV (Channel 18) and MyNetworkTV affiliate WCGV-TV (Channel 24).
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