Financial briefs

Official secured bondholders of Marvel Entertainment Group Inc. filed a motion Friday in federal bankruptcy court to block to Marvel’s debtors-in-possession motion to obtain secured credit, use cash collateral and provide adequate protection. The bondholders cited failure to consider financing alternatives, Ron Perelman’s lock-up provisions and alleged bad faith between debtors and Chase Manhattan Bank. The Chase agreement also “strongly influences, if not dictates, the terms of a Chapter 11 plan in the case,” the motion said, citing provisions about Toy Biz and possibility of default.


SFX Broadcasting Inc. said Friday it agreed in principle to amend its October 1996 purchase agreement with Secret Communications. SFX said the new agreement provides that it will purchase Secret’s four Pittsburgh radio stations and three Indianapolis stations for $255 million, instead of the $300 million originally agreed upon.


For the third time in a week, a federal jury in Greensboro, N.C., deadlocked on whether ABC-TV should pay punitive damages to Food Lion Inc., but a judge ordered the jurors to return to court next week and try again. The jury has spent nearly 23 hours this week weighing evidence in the supermarket chain’s fraud lawsuit over a 1992 “PrimeTime Live” report using videotape obtained by undercover reporters that showed pictures of spoiled meat and unsanitary practices at several Food Lion stores. Food Lion has not challenged the truth of the ABC story, but won a fraud and trespassing verdict against ABC, now a unit of Walt Disney Co.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety