As promised and reported here, Brian Lilly made good on his word to file another extension. (SJL Extension Filing) As in the previous March 2006 filing, they sited financial hardships and stated that they have lost nearly of $700,000 in the first 6 months of this year. If those losses continue at the present rate, projected losses could be well more than double 2005 reported losses of $400,000.
SJL states and Erie Media-Go-Round has independently heard that they are attempting refinancing. As of this date, they have no sure guarantees that financing will be secured.
Unlike their previous filings, they did not offer or promise the FCC a projected construction date as their filing implied that it was all contingent on establishing new financing by February 2007. In the notes area of the filing, SJL also reported that they were in "covenant default" with their credit facility and prevented from making further borrowings. Even if the default status was cured, they would not be able to draw down to build the digital facilities.
As posted in a comment yesterday by "WSEE FOREVER", SJL hosted a splashy client party last night with fresh shimp and seabass. (Seems they have money somewhere but that is the cost of doing business. But come to think of it... so is upgrading your facilities to conform to requirements)
This filing doesn't give the FCC much to go on nor CBS or Erie for that matter. (Can we all say "fire sale")
Congress passed a law on February 1, 2006, setting a final deadline for the DTV transition of February 17, 2009. Most television stations will continue broadcasting both analog and digital programming until February 17, 2009, when all analog broadcasting will stop.." FCC www.dtv.gov
5 comments:
That party was probably traded out.
What's that I hear? Oh yeah...The "fat lady" is clearing her throat!
Rumors of our demise have been GREATLY exaggerated. We're still here. We still cover the news. Our product is highly competitive with other stations in Erie.
Basically, we are still on the air on Channel 35. We have a lot of good people who work here. Does it make you feel good to air our most intimate financial problems? What about you, Jack? Why not just stand down? You are causing a lot of pain for a lot of good people.
Do not blame us because of management!
I have received several email messages that I would classify as rumor as I can't verify the source or the information. Therefore, I have choosen not to post certain posts that fall into that catagory. All I can say is hang in there and try to be calm. Erie will not be without a CBS affiliate. If you want to send me emails that are not for posting...use the gut104@yahoo.com address. Thanks
We both agree that there are a lot of good people at 1220 and many more that used to be. I didn't disclose anything that the public can't find out on their own. You should be pleased because of the comments I have choosen not to post that came from inside your building.
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