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American Media 10¼%, 8 7/8% noteholders consent to extended financial reporting deadlines
By Angela McDaniels
Seattle, Feb. 16 - 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 Thursday, according to an 8-K report 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 March 31, 2006 and its 10-K report for the year ended March 31, 2006 with the noteholders, trustee and Securities and Exchange Commission to April 16.
In addition, the company may extend the deadline by which it must file its 10-Q reports for the quarters ended June 30, 2006, Sept. 30 and Dec. 31 to May 15 in return for a cash payment of $1.25 per $1,000 principal amount to all noteholders.
American Media is a Boca Raton, Fla., magazine publisher.
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