Belo Renegotiates Bank Credit Line

(March 2, 2009) DALLAS: Belo Corp. has renegotiated its bank credit facility, reducing its obligation from $600 million to $550 million. It also provides for an increased pricing based on a leverage grid, plus other modifications to the existing agreement. The expiration date of June 2011 remains unchanged.

Belo chief Dunia A. Shive said the company was in compliance, but entered the amendment to help it navigate the “unprecedented volatility of the current economic recession.”

Belo (NYSE: BLC) recently reported 2008 revenues of nearly $733.5 million, down from nearly $777 million in 2007. Full-year net loss was $333 million compared to almost $263 million the year before. Belo wrote down $465 million for the year, including $114 million on its FCC spectrum licenses.

Shares of Belo followed the wider market down today, which dropped on news that insurance giant AIG needed continued bailing out. Belo opened near 80 cents and dipped to below 70 cents mid-day. 

CATEGORIES
Latest in Events
TV Tech Summit with moderator George Winslow (top left), Jason Wormser, senior vice president CW Sports (top right) Scott Warren, president and general manager, CBS Bay Area (KPIX/KPIX+) (bottom right) Tim Hinson, vice president, technology ABC13 KTRK, ABC Owned Television Stations (bottom left).
TV Tech Summit: Networks, Stations Explore the Future of News and Sports Production
TV Tech Summit Panel
TV Tech Summit: Industry Leaders Tackle Building Audiences With FAST, Streaming, NextGen TV
ISS
BEIT at NAB Show to Feature Live Chat with the International Space Station
Cine Gear Expo
Cine Gear Expo to be Held at Universal Studios Lot
Future
Summit: Scripps Sports Carves Out its Unique Niche in Sports TV
HPA
HPA Tech Retreat Examines AI's Impact on Content Creation
Latest in News
Pixabay
DirecTV Joins IBCAP Anti-Piracy Group
LG
NBCU to Launch 40 FAST Channels on LG Channels
WNET Group logo
The WNET Group Names Dana Roberson GM, Thirteen and Production Operations
VENICE Extension System Mini (CBK-3621XS), the latest addition to its CineAlta lineup.
Sony To Feature New VENICE Extension System Mini At 2025 NAB Show
ESPN data on viewing of women's basketball, second highest
ESPN Platforms Scores Strong Ratings for NCAA Women’s Tournament
Appear
NAB Show: Appear to Introduce VX Media Gateway