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Bank bail out saves Austar pay TV
26 Feb 2002
Regional pay TV group, Austar, has received a life line by banks who have reached an in-principle agreement to extend a $400 million rollover and debt facility. Austar has been in breach of financial covenants after failing to negotiate the rollover by December 31, but the banks have now allowed Austar to trade out of its difficulties.
Austar's share price is now resting at 30.5c, well below the $6 range they once enjoyed.
'Austar back from the brink', The Australian, 26/02/02
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