Redstone may dodge debt bullet
An interesting turn in the continued troubles of National Amusements.
In a conference call with analysts Thursday morning, Mr. Redstone announced that his privately held National Amusements Inc. was nearing an agreement to refinance $800 million in debt that was due this year. The company has a total of $1.6 billion in debt outstanding.
Mr. Redstone has been struggling with the debt issue since October, when National dumped $233 million of its holdings in Viacom Inc. and CBS Corp. after declines in the media companies' value tripped a covenant with lenders.
Read more in Crain’s New York.