Real Estate Magazine Publisher Teeters on the Brink


Its folksy-looking cover is familiar to most people who have searched for a home to buy. Indeed, The Real Estate Book, the regionally distributed listings magazine, is a hallmark of the house-hunting process. But the India-based company that owns the publication, as well as many other titles such as Apartment Finder and New England Home, is having a crisis of its own. Today, Network Communications Inc. of Bangalore announced it had signed a fourth extension with lenders as it continues its attempts to restructure its debt. Network defaulted on a $9.4 million interest payment in June after failing to secure a new loan to replace an existing credit line that expires in November. The firm, whose total debt is about $296 million, has suffered the decline of two industries, advertising and real estate.

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