KCPW/Salt Lake City Owner Faces Loan Payment Deadline
September 2, 2011 at 4:01 AM (PT)
The SALT LAKE TRIBUNE reports that WASATCH PUBLIC MEDIA, which bought noncommercial KCPW/SALT LAKE CITY from COMMUNITY WIRELESS OF PARK CITY in 2008, faces a deadline of SEPTEMBER 30th to come up with $265,000 to pay towards one of its loans on the station.
Pres. ED SWEENEY told the TRIBUNE that the economic downturn hit the station hard, with donors reneging on $236,000 in pledges, including $175,000 from one donor, and lender NATIONAL COOPERATIVE BANK has decided to get out of financing public radio; the payment, he said, would allow the company to refinance the balance through another bank. SWEENEY said that other than the need to refinance the loan, the station is in good financial shape, raising $1 million in donations and $1.2 million in underwriting.
SWEENEY said, "I’m committed to making this station stay alive. It’s a damn good station and we need to preserve it. If the community likes us, we need their help now."