It's almost enough to make you feel sorry for the belligerent old Viacom and CBS owner: Sumner Redstone is facing the sort of debt that would send most people into a nervous breakdown. First he has to weasel out of paying an $800 million Bank of America Securities loan before the end of December. But that's not the worst of it. He then most get unanimous consent from 55 separate institutions to refinance another $800 million loan. The Post thinks he might be toast:

The sheer number of institutions in the private placement suggests that refinancing National Amusements' debt isn't going to be easy, despite Redstone's proclamations that the discussions are going well.
"Do you know how difficult it is to get 55 people to agree on anything?" asked one source rhetorically.

Redstone has to keep his game face on because the alternative is to sell his Viacom and CBS shares (or perhaps smaller units of his holding company) and loosen his grip on the media firms.

What did he spend the money on? Nothing fun, sadly. According to the Times:

The sources of that debt go back to National Amusements’ original purchase of Viacom stock; the cost of building movie theaters; a $240 million settlement with Mr. Redstone’s son, Brent; and Mr. Redstone’s purchase of more than 85 percent of the stock in Midway Games as well as loans to Midway, according to a person briefed on the matter.