ATLANTA, Ga., May 24 /PRNewswire/ -- Bull Run Corporation (Nasdaq: BULL)
today announced that its bank lenders have agreed to waive all existing events
of default under Bull Run's bank credit facility. The waiver is effective
through June 15, 2001. Bull Run and its lenders are currently discussing
terms of an amendment to the bank credit facility that is also expected to
extend the facility's maturity date. The Company expects to reach an
agreement on the amendment within the period of the waiver.
The Company announced yesterday that the restatement of its financial
statements reflecting a decrease in certain assets and a change in historical
operating results constituted an event of default under Bull Run's credit
facility. The Company discovered material errors in the accounting for and
reporting of certain assets and liabilities of Universal Sports America, Inc.,
a company acquired by Bull Run in December 1999. These errors related to
Universal's Affinity Events business segment in financial statements issued by
Universal prior to, and financial information provided subsequent to,
Universal's acquisition by Bull Run.
Forward-Looking Statements
Certain statements contained herein are forward-looking statements that
are made pursuant to the safe harbor provisions of the Private Litigation
Reform Act of 1995. Wherever used, the words "expect," "plan," "anticipate,"
"believe," "may" and similar expressions are intended to identify forward-
looking statements. Forward-looking statements involve known and unknown
risks and uncertainties, which may cause the Company's actual results in
future periods or plans for future periods to differ materially from what is
currently anticipated. Those risks include, among other things, those risks
set forth in the Company's Annual Report on Form 10-K and other reports and
documents filed with the Securities and Exchange Commission. The Company has
no obligation to publicly update or revise any forward-looking statements made
herein or elsewhere, whether as a result of new information, future events or
otherwise.
SOURCE Bull Run Corporation
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800-758-5804, ext. 232438
CONTACT:
Robert S. Prather, Jr., President & Chief
Executive Officer, 404-266-8333, or Frederick J. Erickson,
VP-Finance and Chief Financial Officer, 704-602-3107, both of
Bull Run Corporation
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