Metromedia International to miss coupon

New York, Sept. 30 - Metromedia International Group, Inc. said it will not make the $11.1 million coupon payment due Monday on its $210.6 million 10½% senior discount notes maturing 2007.

The New York, N.Y. communications and media company added that it has a 30-day grace period before the non-payment becomes a default.

Metromedia International said it was missing the coupon to "facilitate any potential restructuring of the company."

Negotiations continue with representatives of the senior discount notes on restructuring alternatives and asset sales, Metromedia added.

In August the company warned that it would need asset sales or external funding or both in order to be able to pay the coupon.

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