Hallmark to Buy Back Network Debt: Hallmark...
From Times Staff and Wire Reports
Hallmark to Buy Back Network Debt: Hallmark Cards Inc. began an offer to buy back at a discount some $270 million in debt securities used to finance Univision Holdings Inc. under a plan to ease the debt burden on the unprofitable Spanish-language broadcaster. The action by Kansas City, Mo.-based Hallmark, which owns a 63.5% stake in Univision, followed Univision’s failure to make $10 million in interest payments due last week on some of the debt. Univision, the nation’s largest Spanish-language communications company, said it missed the payments because of insufficient cash flow.
