Metromedia International files 10-Q, cures default, will not pay convertible dividend

New York, June 22 - Metromedia International Group Inc. said it filed its 10-Q report for the first quarter of 2004 with the Securities and Exchange Commission, curing the default on its 10½% senior discount notes due 2007.

Metromedia International had received a notice on May 18 from the trustee for the notes that it must provide a copy of its report by July 16 or the trustee would declare an event of default.

The Charlotte, N.C., investor in communications and media businesses also said it has chosen not to declare the dividend on its 7¼% cumulative convertible preferred for the quarter ending June 15. Dividends in arrears totaled $53.5 million as of May 31.

Metromedia International said it was not declaring the dividend in order to conserve cash.

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