secwatch.observer — SEC 8-K summary
======================================

Issuer:     SALEM MEDIA GROUP, INC. /DE/ (SALM)
CIK:        0001050606
Form:       8-K
Filed at:   2023-09-01T23:59:59+00:00
Accession:  0001193125-23-227628
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Salem Media extends forbearance period to Sep 29, 2023; reduces cash disposition threshold
--------------------------------------------------------------------------------

- Forbearance period extended through September 29, 2023 under Eighth Amendment to Credit Agreement.
- Cash/cash-equivalent requirement for permitted dispositions reduced from 100% to 75% during forbearance.
- Designated Events of Default remain continuing; company acknowledges $20.2M in revolving loans outstanding.
- Amendment includes release of claims by borrowers and reaffirmation of obligations without offset.
- Changes effective August 30, 2023; lenders include Wells Fargo as administrative agent.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1050606/000119312523227628/0001193125-23-227628-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1050606/000119312523227628/d861866d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-227628

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer