MediaBay Restructuring Debt
by Staff -- Publishers Weekly, 4/5/2004
Struggling MediaBay has delayed the filing of its year-end report with the Securities and Exchange Commission until April 14, the company announced last week. MediaBay needs the extension to conclude negotiations with lenders aimed at refinancing and restructuring its debt.
MediaBay estimated that its net loss for 2003 will be about $6.9 million, compared to a $2.5 million loss in 2002. A lack of capital that reduced the company's marketing efforts was the main reason for the higher loss, the company said. In addition, the company took a write-down in the fourth quarter related to its "ongoing turnaround strategy."
