Posted on 05/04/2008 4:27:18 PM PDT by ButThreeLeftsDo
An article in the New York Post Sunday reported the Star Tribune is on the brink of bankruptcy.
The newspaper recently hired a company to restructure its balance sheet after failing to meet debt obligations, the article reports.
In a statement from the Star Tribune in response to the New York Post article, Chris Harte, the newspapers publisher said, "The facts are that the Star Tribune currently has sufficient liquidity and is current on all its debt payment obligations."
Hart said while it is true that the newspaper faces declining ad revenue, they have been working aggressively to get their cost structure in line with current revenue shortfalls.
"We recently hired the Blackstone Group to help us evaluate alternatives to our current capital structure, but that hardly merits a conclusion that we are near bankruptcy," the statement said. "In fact, Blackstone has substantial expertise in balance sheet restructurings through means other than statutory proceedings like bankruptcy."
Last week, the Star Tribune reported that its weekday circulation dropped more than six percent.
Die a thousand deaths.
The Liberal mindset doesn't allow the option of being wrong, or even disagreed with.
There is one?
It's about that low...so many have folded... :-(
For example, in Cincy, the conservative paper closed...not the liberal one. What does that say?
In Philadelphia, the Bulletin should be whomping the Inky, if it were merely liberal bias that was decreasing circulation.
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