Big City Radio Announces the Closing of the Sale of Its New York Radio Stations; Company Also Announces Extension of Noteholder Forbearance Period.Business Editors NEW YORK--(BUSINESS WIRE)--April 3, 2003 Big City Radio, Inc. (Amex:YFM YFM Yorkshire Fund Managers (UK) ) today announced that it has closed on its previously announced sale of its four New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of area radio stations to Nassau Broadcasting Holdings, Inc. for $43.0 million in cash. Substantially all of the proceeds from the sale were paid to the paying agent Paying Agent An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. for the Company's 11 1/4 % Senior Discount Notes due 2005. The sale was undertaken in accordance with Big City Radio's previously announced auction of its radio stations. The Company also announced that the Forbearance Agreement that it had previously entered into with holders of more than two-thirds of its Notes has been amended. Pursuant to the amendment the forbearance period has been extended until April 30, 2003. Statements in this news release relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc matters that are not historical facts are forward-looking statements. Such forward-looking statements involve risks, uncertainties, and other factors, which may cause the actual results, performance or achievements of Big City Radio, Inc. to be materially different from those expressed or implied by such forward-looking statements. Such factors include shifts in population and other demographics, changes in audience tastes, the level of competition for advertising dollars, priorities of advertisers, fluctuations in operating costs operating costs npl → gastos mpl operacionales , new laws New Laws: see Las Casas, Bartolomé de. and government regulations and policies, changes in broadcast technical requirements, changes in the willingness of financial institutions and other lenders to finance radio station acquisitions and operations, and other factors which are described in the Company's Securities and Exchange Commission filings. |
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