Lawrenceville, Georgia-based housing publisher Network Communications Inc. has struck an agreement with the majority of its shareholders over a balance sheet restructuring to reduce the company’s outstanding indebtedness from approximately $300 million to approximately $115 million, as well as slash its annual interest expense. The new restructuring agreement includes the extension and amendment of the company’s existing revolving loan and term loan facilities; the cancellation of NCI’s outstanding 10-3/4 senior notes due 2013 in the aggregate principal amount of $175 million in exchange for 100 percent of the new common stock of NCI and new senior subordinated pay-in-kind notes in an aggregate principal amount of up to $45 million; the cancellation of NCI’s 12 percent senior subordinated notes, due 2013, in the aggregate principal amount of $25 million (accredited to approximately $49 million) in exchange for a portion of the warrants to purchase 5 percent of the New Common Stock of NCI at an exercise price that implies a total enterprise value of $200 million; and the cancellation of the company’s existing equity interests in exchange for a portion of the warrants. In June, NCI defaulted on its interest payment on its 10-3/4 senior notes due 2013, which prompted the restructuring negotiations. According to the company’s most recent financial statement filed with the SEC, NCI reported a net loss of $10.5 million through its fiscal third quarter (period ended December 6), compared to a loss of $83.4 during the same period the prior year. Revenues were $105.1 million, a decline of 24.2 percent.In January 2010, NCI chairman and CEO Dan McCarthy and CFO Gerry Parker signed new five-year contracts with Court Square Capital Partners, the owners of NCI.
More on this topic Publishing Losses Narrow at Martha Stewart Martha Stewart Reports Increases in Publishing Revenue, Income for Third Quarter (posted 10/31) Martha Stewart Print Revenues Climb 5 Percent in Fourth Quarter of ’06 Martha Stewart Agrees to Ban on Public Company Service A Tough 2011 for Martha Stewart Living Omnimedia Publishing Publishing Revenue Slips 3.2 Percent for MSLO in Second QuarterJust In Meredith Corp. Makes Digital-Side Promotions | People on the Move Editor & Publisher Magazine Sold to Digital Media Consultant This Just In: Magazines Are Not TV Networks Four More Execs Depart SourceMedia in Latest Restructuring PE Firm Acquires Majority Stake in Industry Dive TIME Names New Sales, Marketing Leads | People on the MovePowered by This story first appears FOLIO: sister site, minonline.Joe Lagani, a longtime magazine executive who had a successful second career on the digital side, was hired this morning to the new position of Martha Stewart Living Omnimedia chief revenue officer. He takes charge of print and digital ad sales at the Martha Stewart Living flagship, along with Everyday Food, Martha Stewart Weddings, Whole Living and other MSLO platforms (including television). Read the rest of the story here.
The almost-certain economic slowdown induced by demonetisation of high-value currencies is set to affect the media and entertainment sectors, according to an update by IDBI Capital Markets & Securities.For the media, the hit will be in the form of lesser advertisements next month and in the last quarter of the current fiscal. “No significant impact on advertisement revenue has been visible as the inventory was already sold. The actual impact to be visible over the next month and Q4FY17,” the brokerage said in a note on Thursday.A similar fate awaits Hindi films, impacting producers as well as cinema halls where two latest releases, Rock On 2 and Force 2 are being shown.”Multiplexes have seen impact of decline in footfalls for movies like Rock On 2 and Force 2. This is likely to have impacted both the box-office collection and F&B sales. We expect 15-20 percent impact on footfalls due to decline in cash transactions. We believe that this should ease in December with the improvement of content. Impact on smaller film producers to be felt over the next three-six months,” IDBI Capital Markets & Securities said.It reiterated what many other analysts have said on the negative impact of demonetisation on the real estate sector.”Secondary market is frozen since the date of event. Unsold inventory could lead into price correction. However, they are very property specific. The impact on private real estate players is very negative,” it added.Share prices of listed multiplexes have dropped ever since the November 8 “surgical strike.” PVR slipped from Rs 1,284 (as on November 8) to close 10.90 percent lower at Rs 1,144 on Thursday, while Inox shares have lost 8.57 percent from Rs 245 apiece to Rs 224 on Thursday during the comparable period.Eros International Media closed at Rs 155, a loss of 15.3 percent from its November 8 closing of Rs 183. The company is into film production and distribution in India and abroad.
India’s The Times of India has reported that Bangladesh said it is ‘very concerned’ about possible diversion of water of the Brahmaputra river by China.The Times published the report on Thursday quoting the Bangladesh high commissioner to India, Syed Muazzem Ali.Reportedly expressing Bangladesh’s readiness to participate in a joint water basin management, the diplomat was quoted to have said the prime ministers of the two countries had extensive discussions on the issue.”On the Brahmaputra basin, we are very concerned about diversion of water and Bangladesh is prepared to join a joint basin management concept where we will discuss the points of water as it flows from the point of origin to the point of exit in the sea,” the newspaper quoted Muazzem Ali as saying.”And naturally, we will be very happy to fully cooperate with all regional joint agencies,” he reportedly told reporters at an interaction organised at the Indian Women Press Corps in New Delhi.He is said to have maintained that Bangladesh believes in joint river basin management both in the Ganges and the Brahmaputra.Originating in Tibet and flowing across China and India, the Brahmaputra enters Bangladesh and meets the Ganges (Padma) before draining into the Bay of Bengal.The Times reported that the Bangladesh high commissioner also sought to assuage India’s concern amid reports of Bangladesh’s growing proximity with China.Another newspaper, Tribune India, used an analogy define Dhaka’s relations with New Delhi and Beijing and quoted Muazzem Ali as saying, “If his brother does not have money to offer to him to purchase a car, he would go seek a loan from the bank. But the bank manager does not become a brother.””We have trade and economic relations with China but we do not want to get into a debt trap. China has offered us line of credit. But it is not for free,” he was quoted to have said.He reportedly added that unlike in Sri Lanka or Myanmar, Bangladesh did not hand over the deep sea port in Chittagong to Beijing rather it is being built as a consortium by India, China and European Union.
Share Twitter user @BBCWorldRescuers work to save people from the rubble on Sept. 20.MEXICO CITY (AP) — The Latest on Mexico’s major earthquake (all times local):10:15 a.m.Cristal Estrada is pacing back and forth with a blanket wrapped around her near the tent where she spent the night on the street in Mexico City’s Roma Norte neighborhood.She is worried about her brother Martin, a 31-year-old accountant, who is believed to be in the remains of a seven-story office building across the street that collapsed in Tuesday’s earthquake.Estrada says she’s frustrated that she can’t do anything herself to help remove the rubble. Rescuers continue to say there’s life in the wrecked building, but there’s no telling whether that includes her brother.Estrada worries that “they do not have much time in there.”Officials say scores of people have been rescued alive from collapse buildings, but at least 286 are known to be dead.___8:35 a.m.Rescue efforts were suspended overnight at a quake-collapsed seven-story building in Mexico City’s Roma Norte neighborhood as rain drenched the area and destabilized the pile of rubble.Workers were eager to restart under overcast but dry conditions as soon as experts confirm it’s safe to do so.Jose Gutierrez is a relative of someone believed to be in the wreckage of the building, and also a civil engineer.He gathered other families of the missing amid an ad-hoc campsite of tents, tarps and plastic chairs on Friday to let them know what was going on.A list of 46 names of missing people was attached to a nearby lamppost.Gutierrez’s voice broke with emotion as he spoke: “My family is there. I want them to get out, so … we go onward.”Rescuers from countries including the United States, Israel, Japan and Panama were at the site.___7:55 a.m.Mexican authorities have raised the death toll from Tuesday’s earthquake to 286, with more than half of them in the capital.National Civil Protection chief Luis Felipe Puente says 148 people are confirmed dead in Mexico City.He reports in a tweet sent Friday that there were also 73 deaths in the state of Morelos, 45 in Puebla, 13 in Mexico, six in Guerrero and one in Oaxaca.
Share X 00:00 /00:50 In Houston, over 120 campuses serve international students. One of those institutions is Houston Baptist University, which welcomes the majority of its international students from Nigeria and China. Shannon Bedo, Director of International Student Services at the university, said although her school saw more international students last fall, she expects a drop later this year.“My guess is that we will probably start seeing the effect of the decline starting this fall,” Bedo said. She also sits on the board of Study Texas, a collaborative that recruits international students to study in the state. Bedo said many of her students fear instability around immigration and come to her with rumors. “If they go home to visit their families, they are afraid their visa wouldn’t be renewed so they can come back and finish their studies,” Bedo said. Despite some uncertainty around immigration, Bedo said Houston is an attractive city for immigrants for numerous reasons including affordability, diversity, job opportunities and the medical center. To embed this piece of audio in your site, please use this code: Listen iStockInternational student enrollment in Texas schools dipped 2.2 percent to 86,076, according to a new report by Immigration and Customs Enforcement. 1,929 fewer students are enrolled in Texas schools as of March 2018, compared to the same month a year ago. The data contrasts with a slight increase in the number of Texas institutions that are certified to accept international students, now at 509 up from 500 in March 2017. The study accounted for international students pursuing K-12, university and vocational education.