Regional television and radio owner Macquarie Media Group
(ASX:MMG) says its US unit American Consolidated Media LLC has breached certain loan covenants under its US$133.7 million bank facility.
Macquarie Media says discussions are ongoing between American Consolidated Media and its lenders in relation to requested forbearance and waivers of ACM’s covenant non-compliance, ACM’s request for the necessary amendments to the existing covenants and for an extension to the maturity date of the facility.
However the company says there is no guarantee that any forbearance, amendment or extension will be provided or that the requested waivers will be provided.
Macquarie Media just yesterday announced a proposal to internalise its management and $294 million capital raising.
Macquarie Media Group’s profits have risen in the last couple of years.
