Menu
/REGISTER
PPB
Fielding
Montecito
Powershare
Loading...
You are here:  Home  >  Top Stories  >  Current Article

Debt burdens weigh on Affinity Group

By   /   Monday, October 19th, 2009  /   Comments Off on Debt burdens weigh on Affinity Group

    Print       Email

The August collapse of Ventura-based Affinity Bank appears to be just one blow in a string of troubles for its owner, Stephen Adams, whose highly leveraged business empire faces more than $746 million in debt payments in coming years.

The Montecito businessman and philanthropist controls Ventura-based Affinity Group, a media and direct-marketing firm that targets recreational vehicle owners and employs more than 1,600 people nationwide. Between 2007 and 2008, Affinity Group swung from a $6.3 million profit to a $125.3 million loss, part of it an $81 million hit from writing down to zero an interest in a business that sold and financed recreational vehicles.

Affinity Group has missed interest payments on more than $114 million in debt for nearly two months, and Standard & Poor’s gave the bonds a junk rating. The Ventura firm is in talks with creditors to refinance or restructure its debts.

The full version of this article is only available in the print edition to subscribers. To view everything the Business Times offers, see this week’s print version or SUBSCRIBE to the print edition for $49.99 today.

    Print       Email

You might also like...

Plains oil spill guilty verdict will help civil lawsuits

Read More →