Recently, Sumner Redstone has gone through a divorce, put Midway games into bankruptcy after investing hundreds of millions and seen his personal net worth melt away. And now, it looks like his CBS will have to go into the debt markets to raise enough cash to close an almost $900 million funding gap.
The L.A. Times reports:
“CBS may have to sell new debt to help pay off $1.4 billion of bonds due in July 2010, Barclay’s Scott Shiffman wrote in a note to clients. The company may be less likely to draw on its $3-billion revolving credit facility, which will probably have to be replaced before it expires at the end of 2010, he said.”
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