SMG takes further step in overhaul

Debt-laden broadcaster SMG moved closer to overhauling its finances today after unveiling a new five-year, £90m (€126m) loan facility.

The Virgin Radio owner is also in the process of completing a £95.1m (€133m) fundraising rights issue, and once that is complete it said the loan agreed with HBOS will represent the entirety of its borrowings.