| Log In | Register Now
Network Communications Inc, the company behind U.S.-based real estate-related publications such as The Real Estate Book, said on Friday it signed its fourth extension on a standstill agreement with lenders as it continues talks on restructuring debt ahead of a November expiration.
The company, which is also behind titles such as Apartment Finder and New England Home, defaulted on a $9.4 million interest payment in June after it was unable to secure a new revolving loan facility to replace the existing credit line that expires in November, a regulatory filing said.
Network Communications' total debt currently stands at around $296 million.
The company's business sits at the intersection of two industries that have been hard hit during the economic downturn of the last couple of years: the U.S. housing market and magazine publishing.
The decline in demand in the housing sector has been worsened by falling ad revenue and consumers cutting spending on magazines and other non-essential publications.
The company said on its website that it is the largest national publisher of local printed and online magazines for the real estate market.
(Reporting by Santosh Nadgir in Bangalore; Editing by Tim Dobbyn)
First Photos of Beyonce’s Baby Blue Ivy Carter Reignite Surrogacy Rumors [PHOTOS]
Diet Soda: Research Sparks Debate on Risks of Heart Disease, Stroke
Greece in Turmoil as EU Austerity Package Put on Hold
Greece in Turmoil as EU Austerity Package Put on Hold
Is Kim Jong-un Dead?
Kim Jong-un Assassination: Leader Rumored to be 'Shot to Death'
iPad 3 Rumors: A March Release? What Features to Really Expect
Samsung Galaxy S3 vs HTC Zeta: Stiff Quad-Core Battle Ahead
PS Vita Games: Price Drop for Digital Downloads Confirmed
Meet Sara, the Siri Alternative That Works on All iDevices
Shocking Costa Concordia Video Shows Dithering Captain Schettino on the Bridge Sinking Cruise Liner [VIDEO]
Free Edition
TAKE A TOURWe value your privacy. Your email address will not be shared.
