Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Affinity Group Inc. > News item |
Affinity institutional noteholders extend grace period to Oct. 23
By Caroline Salls
Pittsburgh, Oct. 19 - Affinity Group Holding, Inc. said the institutional holders of its 10 7/8% senior notes due 2012 who previously signed consents to extend the grace period for making an interest payment on the notes have now agreed to extend the interest payment date to Oct. 23 from Oct. 16, according to an 8-K filed with the Securities and Exchange Commission.
As previously reported, the company has retained a financial adviser and held discussions with the noteholders regarding a refinancing or restructuring of the debt of Affinity and its subsidiary Affinity Group, Inc.
As part of those discussions, the company did not pay the interest due Aug. 15 on the notes.
The consenting institutional noteholders agreed to extend the payment date to Oct. 1 and then subsequently agreed to extend the date to Oct. 9 and Oct. 16.
The company said the consents from the non-institutional noteholders extended the payment date to Oct. 29.
Affinity has agreed to pay $150,000 in legal fees for a law firm to represent noteholders who signed the institutional consents, as well as to pay $164,600 in consent fees to those noteholders.
No fees were paid in connection with the non-institutional consents.
Affinity Group is a Ventura, Calif.-based direct marketing company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.