Sinclair Borrows $500 Million To Keep Cunningham Out Of Bankruptcy
Sinclair Broadcasting Group is borrowing $500 million in senior secured lien notes to pay fees and expenses related to the restructuring of its marketing agreements with Cunningham, keeping the company solvent, RBR/TBR reports.
Cunningham, which operates six TV stations under a local marketing agreement with Sinclair, owed more than $30 million that needed to be repaid by the end of July or risk dragging not just Cunningham but Sinclair into bankruptcy. Cunningham instead received an extension and would be able to refinance its debt if it could prove it could repay its obligations within three years.
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