Macquarie Media Group has struck a deal with the lenders to its debt-laden United States division American Consolidated Media that blocks any move by the banks to take control of the business until January 29 next year.
But the forbearance agreement came at a price: ACM agreed to pay the banks, which are owed $US133.7 million, a forbearance fee of 0.25 per cent of the aggregate principal balance of its loans.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
