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PMH negotiating with lenders
Philadelphia Media Holdings LLC, which publishes the Inquirer, Daily News and philly.com, is negotiating with its banks, led by Royal Bank of Scotland's Citizens Bank unit, to resolve a technical default on its loans, said Standard & Poor's Leveraged Commentary & Data.
Philadelphia Media Holdings LLC, which publishes the Inquirer, Daily News and philly.com, is negotiating changes in loan terms with Citizens Bank and other lenders, Standard & Poor's Leveraged Commentary & Data debt news service told clients, citing unnamed industry sources. The company has been in technical default on a bank loan convenant; senior lenders on June 1 blocked payment to investors who hold the company's mezzanine debt, S&P said.