Sinclair stock boosted by lender agreement
Shares rose as much as 60%NEW YORK -- Shares of TV station group Sinclair Broadcast Group rose more than 30% Friday after unveiling a tentative agreement with lenders late Thursday.
The company had warned of a possible bankruptcy filing in July. The stock rose as much as 60% in Friday trading before closing up 33% at $2.85.
Sinclair said Thursday evening that a unit would complete a private placement of new debt securities that will mature in 2014. The proceeds will help Sinclair pay holders of convertible senior notes that are due in 2010 and 2011 from 90 cents to 93.5 cents on the dollar.