Big City Radio Strains To Make Payment On Notes.

Big City Radio, Inc. announced that it is in discussions to obtain a bridge loan to facilitate the interest payment on its 11 1/4% Senior Discount Notes due 2005.

The Company did not make the current interest payment, which was due on September 15th, 2001. According to the Indenture governing the Notes, the Company has a 30 day grace period following the interest due date to make the interest payment.

As previously announced, the Company agreed to sell its four Phoenix radio stations for $34.0 million in cash. Since the transaction is not expected to close until the fourth quarter of 2001, the Company is seeking a bridge loan.

The Company cannot provide any assurances that it will be able to consummate the bridge loan it is pursuing.

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