Metromedia International receives notice from bond trustee

By Jeff Pines

Washington, May 18 - Metromedia International Group, Inc. said it has received a notice of non-compliance from U.S. Bank Trust NA, the trustee of the company's series A and B 10½% senior discount notes due 2007, because it has not filed its 10-Q quarterly report on time.

The company also said it would not file notification of late filing with the Securities and Exchange Commission since management does not know when the 10-Q will be completed.

The company has until July 16, or 60 days, to resolve the matter in order to avoid an event of default.

Charlotte, N.C.-based Metromedia International said it believes the 10-Q will be filed within that period.

Metromedia International also missed filing its annual report on Form 10-K on time. Metromedia International has until June 1 to file the report to avoid an event of default on that form. Management said it believes it will be able to file the 10-K on time.

A similar situation occurred last May, when the company failed to produce its 10-K and 10-Q for the periods ending Dec. 31 and March 31, 2003.

Metromedia International is a wireless communications company with businesses in Russia, Eastern Europe and the Republic of Georgia.

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