Dial Global Gets More Time From Lenders
January 17, 2013 at 4:18 AM (PT)
DIAL GLOBAL has notified the SEC that it has arranged a Third Limited Waiver to its Credit Agreement with its First Lien lenders that extends its previous waiver of "certain events of noncompliance" through FEBRUARY 28th. The previous waivers pushed the company's deadline to comply with the terms of its credit agreement to JANUARY 15th.
The company also has been granted up to $5 million of borrowing power under its Second Lien Waiver, which will now also mature on FEBRUARY 28th.
DIAL GLOBAL's filing says that it "believes that the parties have established a framework for a potential restructuring of the Company's obligations under its Credit Facilities, (but) there can be no assurance that the Company and its lenders will be able to reach agreement regarding a restructuring on terms acceptable to the Company and its lenders prior to the termination of the Waivers, or at all."