New World Entertainment extended an offer to...

New World Entertainment extended an offer to swap new debt issues for about $262 million in bonds currently outstanding. The financially troubled Los Angeles firm has said it hopes to restructure its long-term debt, which currently costs the company about $31 million annually in interest payments. Less than $12 million in bonds had been tendered when the offer was set to expire May 19. The company said it would extend the offer until May 25.