Channel Master Raises Capital, Restructures Debt

[Steve Mehs]

Channel Master, best known for its DBS antenna manufacturing business, said it has raised new convertible debt.

Proceeds from the issuance were used to reduce Channel Master’s senior debt and restructure the terms of its bank debt, improving its liquidity and strengthening its financial position, the company said.

Channel Master President and CEO Bill Currer stated, "In this very difficult economic environment, we are very pleased to have generated the enthusiasm and confidence of our investors, lenders and other stakeholders in Channel Master’s plans and its future. This infusion of new capital provides Channel Master with the liquidity required to aggressively pursue new opportunities in the satellite communications market."

From SkyReport (http://www.skyreport.com/skyreport/dec2002/121702.shtm#two) (Used with Permission)

[The \"Reformed\" Martha Stewart]

I can't believe that any "enthusiasm and confidence of our investors, lenders and other stakeholders in Channel Master’s plans and its future" isvalid in this dino of a legacy mismanaged company.

But I guess new suckers are born to replace those that die off. Look for Motorola and SA cable divisions to follow this dino route to extinction as well.

[Mike500]

Channel Master still makes DirecTV dishes. I guess they over anticipated the need for the elliptical dish and the new demand from the now defunct merger. They were the first to manufacture the Dish 500. The second contract went to KTI(aka ITI). Now, apparently, all the current Dish 500's are made by Winegard. Then, again, their Stealth 300 OTA antenna has gotten lackluster sales due to locals on Dish and Direct.