June 18, 2002 |
Cable company Adelphia Communications Corp. said that it and one of its subsidiaries missed interest payments totaling more than $55 million and that its former auditor is withdrawing certification of some financial statements. Coudersport, Pa.-based Adelphia, which has put about half its subscriber assets up for sale and faces federal investigations of off-balance-sheet financing deals, said that it missed a payment of $51.25 million on 10.
September 18, 1985
The Oakland-based firm said it did not make a Sept. 15 payment on 16.5% senior subordinated debentures due 1994. The company, which has reported losses in each of the last three years, also reported that a lawsuit has been filed against it seeking repayment of $10 million loaned to it under a credit agreement. Buttes Oil & Gas said the lender was a private corporation but refused to identify it.
June 18, 1991
Huntway Partners, a Valencia-based producer of liquid asphalt and other oil-related products, said it defaulted on a $2.14-million debt payment. The payment was due June 1 and a grace period for the payment expired last week, Huntway said. The payment was one of the semiannual interest payments Huntway owes on $35 million in mortgage notes.
July 7, 1990 |
The government will begin monthly payments of $40 million to creditor banks that have lent the country 1,000 times that sum, the president of Citibank in Argentina said Friday. Two-thirds of Argentina's foreign debt of $60 billion plus $6.5 billion in overdue interest is owed to commercial banks. The largest creditors include Manufacturers Hanover, Chase Manhattan and Citibank.
May 19, 1992
Live Entertainment Inc., a financially troubled Van Nuys videocassette distributor and retailer, said it did not pay the $8 million in interest due May 15 on $110 million of 14.5% senior subordinated notes. Live said it has a 30-day grace period during which it can make the interest payment before going into default. The company previously said that it hired Bear, Stearns & Co. and Jefferson Capital Group Ltd. to recommend ways to restructure the notes and to review Live's capital structure.
April 16, 2002 |
Asia Global Crossing on Monday delayed for up to 30 days an interest payment on $408 million of senior notes so it can continue negotiations with bondholders about restructuring its high-yield debt. The Bermuda-based high-speed communications network operator said it has about $351 million in cash, sufficient to fund its daily operations and pay the interest due on the 13.375% senior notes due 2010 by the end of the 30-day grace period if no agreement is reached.
September 8, 1985 |
Mexico will pay about $10 billion in interest on its $98-billion foreign debt this year, Finance Minister Jesus Silva Herzog said in a speech published Saturday. Silva, who was instrumental in avoiding a default on payments in 1982, said, "This situation is really unsupportable" but allowed that other Latin American countries are paying more in interest.