Mega Media Group Restructures Debt
February 3, 2009 at 5:16 AM (PT)
MEGA MEDIA GROUP, operator of Top 40/Dance WNYZ-LP (PULSE 87)/NEW YORK, the "station" using the analog audio carrier of an LPTV station on channel 6 to act as an FM radio operation, has completed a debt restructuring with a number of creditors, converting $1,547,402.95 of outstanding current debt into equity. The company also renegotiated its lease agreement to eliminate $820,000 of accrued lease expenses, and the lessor has waived an additional $650,000 of future payments.
CEO ALEX SHVARTS said, "We believe that we are making appropriate steps to position our company for future growth and to attract additional investment capital to continue with our business model and expansion."