secwatch.observer — SEC 8-K summary
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Issuer:     SALEM MEDIA GROUP, INC. /DE/ (SALM)
CIK:        0001050606
Form:       8-K
Filed at:   2023-11-03T23:59:59+00:00
Accession:  0001193125-23-270512
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Salem Media extends forbearance to Nov 27, shortens credit maturity to Feb 1, 2024
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- Forbearance period extended through November 27, 2023, from the earlier November 2 date.
- Credit agreement maturity shortened to February 1, 2024.
- Minimum availability requirement raised from $1M to $2M starting November 7, 2023.
- Operating cash balances limited to amounts for payables and payroll due within 3 days.
- Borrowers reaffirm ~$19.2 million in revolving loans and LC usage as of November 1, 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1050606/000119312523270512/0001193125-23-270512-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1050606/000119312523270512/d580146d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-270512

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