The Week: City news - Virgin Radio sale on hold

SMG has arranged a new five-year £90 million loan from Halifax/Bank of Scotland that will enable it to postpone the sale of Virgin Radio.

The refinancing coincides with a rights issue that is expected to raise £95 million for the broadcaster by the end of December. The company can now afford to wait until credit markets improve before attempting to dispose of Virgin Radio, in the hope of getting a better price.