American Media 10¼%, 8 7/8% noteholders again consent to extended financial reporting deadlines

By Jennifer Chiou

New York, May 18 - American Media Operations, Inc. entered into a consent agreement with holders of a majority of its 10¼% series B senior subordinated notes due 2009 and holders of a majority of its 8 7/8% senior subordinated notes due 2011 on May 15, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Noteholders will receive a $1.25 consent fee per $1,000 principal amount of notes.

Under the consent agreement, the company amended the note indentures to extend the date by which it must file its 10-Q report for the quarter ended Sept. 30, 2006 to June 15, its 10-Q for the quarter ended Dec. 31 to July 16, its 10-K for the year ended March 31 to Aug. 31 and its 10-Q for the quarter ended March 31 to Oct. 1.

In addition, the company may extend the deadline by which it must file its 10-Q report for the quarter ended Sept. 30, 2006 to July 16 and the quarter ended Dec. 31 to Aug. 15 and its 2007 10-K to Oct. 1 as well as its 10-Q for the quarter ended March 31 to Oct. 31 in return for a cash payment of $1.25 per $1,000 principal amount to all noteholders.

The company previously extended financial reporting deadlines on Feb. 16.

American Media is a Boca Raton, Fla., magazine publisher.

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