Jun
19
CORE Entertainment, Owner Of Rights To American Idol, Misses Loan Interest Payment
ByCORE Entertainment, owner of rights to the American Idol television series, has missed an interest payment on a $160 million loan. The company now enters a 30-day grace period to make the payment.
As a result of the missed interest payment, Standard & Poor’s cut the rating on the 13.5% second-lien term loan due 2018 to C from CCC-, and placed the rating on CreditWatch negative.
Other ratings were also cut. Standard & Poor’s lowered the company’s corporate rating to CCC- from CCC+, and the rating on a $200 million senior first-lien term loan due 2017 to CCC- from CCC+.
The company’s cash totaled $81 million as of March 31, 2015, Standard & Poor’s said…
CORE Entertainment, Owner Of Rights To American Idol, Misses Loan Interest Payment
