Westwood One says it is in discussions with its lending banks and noteholders regarding its need to refinance its bank loan, which expires February 28, 2009 and has $35 million outstanding after a $110 million paydown in 2008. Also, $50 million of senior secured notes are due to mature in November 2009. WW1 said it completed the most recent phase of its “re-engineering program” for its Metro Networks traffic division on Monday. Once the entire program is completed it is projected to save $25-30 million annually. WW1 management also completed a national roadshow, telling investors that recent revenue initiatives are beginning to gain traction and will impact 2009 results.
