Paxson Communications Corporation Settles World Trade Center Insurance Claims
03 Mai 2005 - 6:20PM
Business Wire
Paxson Communications Corporation (AMEX:PAX) (the "Company" or
"Paxson"), the owner and operator of the nation's largest broadcast
television station group reaching 87% of U.S. households
(approximately 95 million homes), announced today that it has
entered into a settlement agreement with Zurich American Insurance
Company in respect of all of the Company's property damage,
business interruption and extra expense insurance claims related to
the loss of the Company's antenna, transmitter and other broadcast
equipment for its New York television station, WPXN, which were
destroyed upon the collapse of the World Trade Center on September
11, 2001. Under the settlement agreement, Zurich has agreed to pay
the Company an aggregate amount of $24.5 million (less $7.7 million
previously paid) on or before May 6, 2005. "We are pleased that
this long issue of our claims has finally been settled in a
positive way for the company," said Lowell "Bud" Paxson, Chairman
and CEO of Paxson. About Paxson Communications Corporation Paxson
Communications Corporation owns and operates the nation's largest
broadcast television distribution system. Paxson reaches 87% of
U.S. television households via nationwide broadcast television,
cable and satellite distribution systems. For more information,
visit Paxson's website at http://www.pax.tv. Note: Paxson
distribution data provided by Nielsen Media Research.
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