JACOR ANNOUNCES ARRANGEMENT WITH ZELL/CHILMARK FUND, L.P.
JACOR ANNOUNCES ARRANGEMENT WITH ZELL/CHILMARK FUND, L.P. CINCINNATI, May 13 /PRNewswire/ -- Jacor Communications, Inc. (NASDAQ: JCORC), announced today that in consideration of the willingness of the Zell/Chilmark Fund, L.P. to provide approximately $1 million of funding to the company on a limited recourse basis, the company has agreed not to enter into any debt restructuring arrangements without Zell/Chilmark's consent for a period of at least the next 12 months. Discussions with the company's creditors with Zell/Chilmark's participation are in progress. It is contemplated that should negotiations for a restructuring of Jacor's senior and subordinated debt and other claims and interests be successful Zell/Chilmark would make a significant equity investment in the company which, were it to occur, would result in substantial dilution to Jacor's existing shareholders through the issuance of additional common stock and would also likely result in a change of voting control. The company emphasized that matters with respect to Zell/Chilmark's participation in any restructuring with the company and the nature of that restructuring with the company's creditors are in discussion only and there can be no assurance a restructuring involving Zell/Chilmark will be completed. The Zell/Chilmark Fund, L.P. is an investment fund with $1 billion of committed capital. Jacor Communications, Inc., headquartered in Cincinnati, currently owns 11 radio stations, a cable television system and the Georgia Network. The company's stations are located in Atlanta, Cincinnati, Denver, Jacksonville and Tampa, Fla., and Knoxville, Tenn. For additional information contact: R. Christopher Weber of Jacor Communications, Inc., 1300 Central Trust Center, 201 East Fifth Street, Cincinnati, Ohio, 45202; 513-621-1300. -0- 5/13/92 /CONTACT: R. Christopher Weber of Jacor Communications, 513-621-1300/ (JCORC) CO: Jacor Communications, Inc. ST: Ohio IN: ENT SU:
LC -- CL020 -- 9835 05/13/92 15:24 EDT
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|Date:||May 13, 1992|
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