Forbes in debt crisis
BONO'S investment in Forbes Media has hit a stumbling block as the company struggles to refinance a $50m (€38m) loan.
In 2006 Elevation Partners, headed by the rocker and Silicon Valley investor Roger McNamee, paid $237.2m for a 45pc stake in Forbes.
That valued the company, best known for its business magazine, at around $525m, but the rise of the internet and the financial crisis has seen the magazine's circulation plummet.
Forbes is now worth an estimated $100m and is struggling to refinance a $50m debt due this summer.
Forbes Media, which lost $19.7m in 2009, had earnings of $10.7m last year on a total revenue of $125m, according to reports.