News Brief
Granite TV Restructuring Plan Must Appease Creditors
Aug 21, 2006, 8:00 AM
Granite TV has two weeks to come up with a restructuring plan for the Securities and Exchange Commission, but the restructuring proposal must be acceptable to creditors holding more than 50 percent of the aggregate loan exposure. The restructuring was a requirement imposed in July, when Granite obtained $70 million in loans that helped cover an overdue interest payment on earlier debt and acquire CBS affiliate WBNG-TV in Binghamton, N.Y.
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