Big City Radio has missed their $9.8 million interest payment twice in the last year. Last time, they were able to secure a bridge loan to suffice their payment. The money was paid back by the sale of their Phoenix cluster to Hispanic Broadcasting for $34M. This time, industry experts speculate that they will not be able to meet their needs and they need to reinvest the remaining proceeds from the sale of those Phoenix stations by October 31, 2002.
Big City operates Spanish formated stations in several key Hispanic markets.