Metromedia International receives notice of default

New York, April 14 - Metromedia International Group, Inc. said it received a notice of default form the trustee for its 10½% senior notes due 2007.

The Charlotte, N.C., owner of communications and media businesses in Russia and Georgia has until June 3 to resolve the issues in order to avoid an event of default.

In the notice, the trustee said Metromedia International is not in compliance with indenture covenants because it has not given the trustee its 10-K annual report for the year ended Dec. 31, 2004, an certificate from the chief executive officer and chief financial officer that it has complied with the indenture covenants and a certificate from the company's public accountants that nothing has come to their attention that leads them to believe that the company has failed to comply with the covenants.

If Metromedia International does not cure the default by June 3, either the trustee or holders of 25% of the principal amount of the notes can accelerate the debt.

Metromedia International said it is currently working on its annual report and expects to file it within three weeks, meeting the June 3 deadline.

The company added that it may continue to experience difficulty filing reports on time because it has not been able to hire enough financial staff that can work to U.S. GAAP standards in Russia and Georgia.

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