Westwood One Gets Debt Revised Covenant Deal With Lenders
April 6, 2011 at 1:41 PM (PT)
WESTWOOD ONE has reached an agreement in principle with its lenders to amend its debt covenants to provide the Company with additional financial flexibility going forward. The pact remains subject to execution of definitive documentation with the lenders, but once that is executed, the company will then file the definitive documentation with the SEC.
"This is a positive development for the Company and demonstrates our lenders willingness to work with us as we continue to grow our radio and digital businesses in 2011 and beyond," Pres. ROD SHERWOOD said.