Prisa Agrees Loan Extension With Creditors To March 2010

Spanish media company Promotora de Informaciones SA (PRS.MC), or Prisa, said Thursday it has won an extension from creditors on a EUR1.95 billion bride loan.

In a Spanish regulatory filing, Prisa said the loan has been extended to March 31, 2010.

The loan, arranged by HSBC Holdings PLC (HBC), Banesto (BTO.MC), La Caixa, Caja Madrid, Natixis (12068.FR) and BNP Paribas SA (BNPQY), represents only part of the company's substantial EUR5 billion of debt.

Prisa said the extension will give it time to come up with a new business plan that will allow it to meet its financial commitments.

Prisa, which publishes El Pais, Spain's largest circulating daily newspaper, last month said it was closing its Crisol bookstore chain and people close to the situation have said the company has proposed salary cuts to staff at some of its newspapers.

-By Santiago Perez and Jonathan House, Dow Jones Newswires; +34 91 395 8120; jonathan.house@dowjones.com

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