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Granite Gets Two-Week Extension on Restructuring Plan

Aug 17, 2006  •  Post A Comment

Financially troubled Granite Broadcasting has negotiated an additional two weeks to come up with an extensive restructuring plan.

In a Thursday filing with the Securities and Exchange Commission, Granite said the deadline for the plan has been moved from Aug. 15 to Aug. 31 and that the restructuring proposal must be acceptable to creditors holding more than 50 percent of the aggregate loan exposure.

The restructuring was a requirement imposed in early July, when Granite obtained $70 million in loans that helped cover an overdue interest payment on earlier debt and acquire CBS affiliate WBNG-TV in Binghamton, N.Y.