Sinclair Close To Debt Refinancing

The near disaster we reported on last month, where Sinclair Broadcasting Group’s local marketing partner Cunningham was about to drag the entire company into bankruptcy, might not happen, the Baltimore Sun reports.

The Baltimore-based broadcasting company, which owns 58 TV stations, announced that Cunningham’s received an extension to pay back the $33.5 million it owes to creditors; now Sinclair may be able to restructure its $438 million debt to pay creditors 90-93.5 cents on the dollar.

The plan requires 95 percent approval from bondholders. Guys, take it. You’re not going to get a better offer if you hold out.

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