American Media Misses 2007 Financial Filing Deadline, Says 2006 Filings will be Ready Next Week
Today marked the deadline for the filing of Star magazine publisher American Media’s its to-date 2007 financial results, but the company has not yet filed the statements. Company spokesman Richard Valvo said the company is technically not late filing the statements because it has a 10-day grace period in which to file them by. In the meantime, the company told note holders Wednesday that it would file its third, fourth and full-year 2006 results, which are due April 15, by March 23.
In February, the company agreed to pay note holders between $687,500 and $1.375 million in exchange for again postponing the restatement of its third quarter, fourth quarter and full-year 2006 results to April 15 and moving its 2007 to-date filings to May 15, according to an 8-K filed with the SEC.
For the April date change, the company has agreed to pay 10 ﾼ-percent note holders – for which there is approximately $400 million in outstanding notes, $1.25 per $1,000 or $500,000 to change the 2006 filing deadline to April 15. It will pay those same noteholders another $500,000 for changing the 2007 filing deadline to May 15.
The company further agreed to pay its 8 7/8-percent note holders – of which there are $150 million in outstanding notes – the same $1.25 per $1,000 or approximately $187,500 to move the restatements to April 15 and another $187,500 to move the deadline for its 2007 filings to May 15.