Local Radio Co. Gets Loan Facility From UKRD
May 29, 2009 at 5:21 AM (PT)
U.K. station owner THE LOCAL RADIO COMPANY has signed a deal for a one million pound loan facility from new majority owner UKRD, reports the GUARDIAN. The deal, which gives LOCAL RADIO access to the money for an initial six month period, allows the company to avoid filing for bankruptcy.
"The company has previously announced that its cash position is extremely tight and that an injection of funds was urgently required in order to continue trading," LOCAL RADIO said in a press release. "The company is pleased to report that it has signed a working capital loan facility with UKRD GROUP."