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News Breaks
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November 10, 2009
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| 09:22 EDT |  | MEG |
| theflyonthewall.com: | Media General to carry 2009 net operating loss back | | On November 6, 2009, H.R.3548 - Worker, Homeownership, and Business Assistance Act of 2009 became law. Included in this new law was a provision that allows businesses to carry back net operating losses in 2008 or 2009 up to five years. As a result of this law, Media General expects to carry its 2009 net operating loss back; the company currently estimates it will recognize an income tax benefit in the fourth quarter of 2009 and receive a cash refund in 2010 in the range of $25M to $30M. The company expects to use the cash refund for debt repayment. The passage of this tax law change will not alter the substance of the additional income tax expense the company expects to record in the coming years as described in its most recent Form 10-Q. :theflyonthewall.com |
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February 10, 2012
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| 08:41 EDT | | MEG |
| theflyonthewall.com: | Media General makes short-term bridge amendment to existing credit agreement | | Media General announced that the company has completed the first step in the refinancing process with its lender group, reaching agreement for a short-term bridge amendment to its existing credit agreement. The amendment provides Media General with near-term flexibility as it pursues discussions with the lender group concerning covenant amendments and an extension of the maturity of $363 million of bank debt due next year, March 29. The bridge amendment resets the leverage ratio during Q1 of 2012 and waives a Feb. 9, deadline to demonstrate covenant compliance on a prospective basis. :theflyonthewall.com |
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January 30, 2012
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| 10:00 EDT |  | MEG |
| theflyonthewall.com: | Media General falls 8.2% | | Media General is down 8.2%, or 32c, to $3.56 :theflyonthewall.com |
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