GE Capital Tightens Grip on MCEG: Management...
From Times Staff and Wire Reports
GE Capital Tightens Grip on MCEG: Management Company Entertainment Group, which has been unable to come to terms with GE Capital over the repayment of $72.5 million in bridge and credit loans, will be forced to default on a semiannual $1.4-million interest payment on convertible subordinated debentures. GE Capital has said it will prevent payment of the interest until negotiations with MCEG are resolved. GE Capital’s loans to MCEG mature on Saturday. GE Capital recently loaned MCEG an additional $7.2 million to meet current obligations.
