I go out for a while and Redstone finally restructures his massive $1.5 billion debt. The announcement came this afternoon that his National Amusements will have a repayment extension to December 31st, 2010 with certain repayments coming in 2009 and 2010. The good news for Sumner is that he won’t have to sell more of his controlling interests in CBS or Viacom. The continuing bad news is that the share prices of both those companies are barely treading water.

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