American Media solicits consents to extend reporting deadlines

By Laura Lutz

Des Moines, Oct. 27 - American Media, Inc. is soliciting consents from its bondholders to push back the deadlines by which it must file financial results, according to a Friday presentation.

Under the company's proposal, the deadline to provide restated and third quarter fiscal year 2006 financials would be moved to Jan. 16 from Oct. 31; the deadline to provide its 10-K for fiscal year 2006 would be moved to Jan. 16 from Oct. 31; and the deadline to provide the company's 10-Q for the first, second and third quarters of fiscal 2007 would be Feb. 15.

The company is offering a consent fee of $2.50 per $1,000 principal amount of notes for consenting holders.

If the Jan. 16 deadline is not met, American Media will pay $0.125 per $1,000 principal amount for an extension until Feb. 15. If the Feb. 15 deadline is not met, the company will pay $0.125 per $1,000 principal amount for an extension until March 15.

The company is in the process of completing a financial restatement. It said that no additional restatement items have been identified.

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

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