MTR JV gets messier

Staff Writer

If the relationship between MTR joint venture partners, Macquarie Radio and Pacific Star, was not terminal before today, it certainly must be now. 

This morning, Macquarie has issued a notice of default under the 'Working Capital Loan Agreement' between themselves as the lender, and MTR as the borrower.

Macquarie has noted that this amount is due immediately to be paid to them, and have advised Pacific Star that Macquarie will not be providing MTR with any further funding under the 'Working Capital' agreement. This is the latest in a series of disagreements between the joint venture parties, with MTR presently operating without a budget after the parties could not agree.

In an article in today's Age newspaper in Melbourne, the headline in the Green Guide read '3AW keeps lead as MTR nears end'. It appears now only a matter of days before the MTR experiment is ended and the station reverts to a music position.

The demise of any radio station is never pleasant, and for the sake of the staff working at MTR, it would be beneficial for Macquarie and Pacific Star to work together and agree the future model of the station swiftly.

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