TITLE

Cablevision axes planned $3 bil payout to investors

AUTHOR(S)
Kolodny, Lora
PUB. DATE
December 2005
SOURCE
Hollywood Reporter -- International Edition;12/20/2005, Vol. 392 Issue 18, p8
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article reports that Cablevision Syatems Corp. has canceled plans to pay out $3 billion in shareholder dividends. A filing with the Securities and Exchange Commission and comments during a conference call with Cablevision executives revealed the reason: The company stands in violation of a bank credit agreement and might have violated other covenants with nonbank lenders. Cablevision president and chief executive James Dolan said the violation related specifically to a vendor-type financing of about $18 million.
ACCESSION #
19399983

 

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