Clear Channel At End Of Financial Rope?
SAN ANTONIO – May 21, 2009: While Clear Channel says it expects to stay in good standing with the terms of its senior loans, the debt research company CreditSights begs to differ, saying that Clear Channel may overreach its debt limits this year.
While Clear Channel stated earlier this month that the company “expects to be in compliance with the covenants under Clear Channel's senior secured credit facilities in 2009," Jake Newman of CreditSights points out that as revenues and Ebitda decline, Clear Channel will surpass covenants that limit its secured leverage to 9.5 times Ebitda this year.
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(5/21/2009 10:17:34 PM) Timber! |
| - Thom |
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