Westwood One Late In Filing Annual Report With SEC, Discussing Debt Amendments With Lenders
April 4, 2011 at 4:04 AM (PT)
WESTWOOD ONE is late in filing its 10-K Annual Report with the SEC, and the company notified the agency FRIDAY (4/1) that it is "presently in discussions with its lenders to amend the terms of its debt agreements to ease its debt leverage covenants with the holders of the Company’s 15.0% Senior Secured Notes due JULY 15, 2012... the outcome of which could have an impact on certain 10-K disclosure and analyses.
Additionally, the Company is in the process of completing the annual assessment of goodwill and intangible assets to quantify the amount of the impairment, if any, for the year ended DECEMBER 31st, 2010. We currently anticipate such amount to be in the range of $15 million to $25 million."
In the filing, the company warned that if it cannot negotiate a definitive agreement with its lenders, it will default on its Senior Notes, which, absent a waiver from the lenders, could accelerate repayment and raise "substantial doubt about our ability to continue as a going concern."
Filing of the 10-K is anticipated before APRIL 15th.