RIDGEFIELD PARK, N.J.-MobileMedia Corp. said it submitted to its lenders a business plan as required under its debtor-in-possession financing agreement with Chase Manhattan Bank.
In separate news, the company’s symbol on the Nasdaq national exchange changed from MBLMQ to MBLMQE because the company did not file its 10K earnings statement by April 15. The Q signifies the company’s status in Chapter 11 bankruptcy. The E indicates the late earnings report. MobileMedia said in March that its earnings report would be delayed until May 31, “due to the company’s ongoing workload.”
MobileMedia entered the DiP loan agreement in February, shortly after its Chapter 11 bankruptcy filing. The total DiP fund is $200 million, of which MobileMedia already accessed $100 million.
Upon approval of MobileMedia’s business plan-which was due April 15-by the bank’s financial adviser, the company will gain access to the remaining $100 million May 1, according to the DiP agreement.
