Byron Allen’s Allen Media Group is planning more cost cutting measures.

Bloomberg said Allen Media’s debt has been trading at distressed levels over the last few months. The company’s $840 million term loan, which is maturing in 2027, was trading at around 65 cents on the dollar as of Tuesday, down from 88 cents in May, according to data compiled by Bloomberg.

A company rep told Bloomberg it is “100% in compliance with all of our lenders.”

Allen Media also has a $100 million revolver, which refers to a borrower who carries a balance from month to month via a revolving credit line, due in February 2025.

In a report, S&P said Allen Media faced “elevated refinancing risk due to its substantial debt burden.”

“Allen Media has a very limited ability to afford the current market interest rates on its term loan,” S&P said and called the its capital structure as “unsustainable.”

The company is hoping for an influx of cash from political ads to help over the next few months.

Allen Media Group owns 36 local stations in 21 markets.