Metromedia International pays coupon within grace period

New York, Oct. 29 - Metromedia International Group, Inc. said it paid the coupon on its $210.6 million 10½% senior discount notes due 2007 within the 30-day grace period.

The New York-based communications and media company deposited $11.1 million with the trustee, made up of the $11.1 million coupon payment due Sept. 30 plus accrued interest from that date.

"Our objectives in making the interest payment were centered on adding stability to the company's current restructuring process," said Carl Brazell, chairman, president and chief executive officer of Metromedia International, in a news release. "By avoiding an event of default under the indenture governing these notes, the company is better able to pursue its strategy of facilitating, where and when appropriate, future assets sales at times and under terms and conditions, including price, most favorable to the company."

Metromedia International added that it is continuing discussions with representatives of holders of the notes on a restructuring of its debt in conjunction with proposed asset sales and restructuring alternatives.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.