Amid all the talk about loan defaults and Chapter 11 filings, some broadcasters are finding common ground with bankers to get through this tough economic time. Case in point: the related Keymarket Communications, Forever Communications and Forever Broadcasting companies.
Forever/Keymarket, principally owned by Donald Alt and Kerby Confer, has had the financial support of Bank of Montreal for nearly 15 years, they proudly note. The broadcast group announced Friday that it had successfully restructured its loan agreement with Bank of Montreal and Wells Fargo Bank.
“The current deal has been amended and restructured until December 2013. In these difficult economic times, the companies and the banks worked together on a loan of approximately $30,000,000 to ensure the future stability of the stations,” Forever/Keymarket announced.
Forever Broadcasting, Keymarket Communications and Forever Communications own and operate over 60 radio stations in Pennsylvania, Ohio, Kentucky and Tennessee.