Macquarie Radio issues default notice

Company News

Macquarie Radio Network Limited (ASX:MRN) has issued to Melbourne Radio Operations, the joint venture owned by MRN and Pacific Star Network a notice of default.

Macquarie Radio Network has also declared the amount owing under the working capital loan agreement be immediately due and payable by Melbourne Radio Operations.

According to the statement to the market, Macquarie Radio Network won’t provide any further funding under the working capital loan agreement.

Macquarie Radio Network reported a half year net profit of $2.3 million to December, 2011.