Liberty Digital warns of DMX default
By John M. Higgins -- Broadcasting & Cable, 2/7/2002 1:58:00 PM
The parent company of cable digital-music service DMX may have slipped into technical default on its bank loans.
The company, Maxide Acquisition, was created when Liberty Digital-controlled DMX merged with commercial "elevator-music" provider AEI Music Network Inc. last May.
Liberty Digital said in a securities filing that Maxide may have fallen out of compliance with $120 million in bank loans made at the time of the merger.
A complete assessment will come after Maxide finishes its annual audit, but Liberty said Maxide is negotiating with its lenders for a waiver of the loan covenants.
Liberty Digital and Maxide executives could not be reached for comment.
DMX feeds audio-music channels to cable operators, which package them as part of their digital-cable lineups.
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