Posted on 10/01/2008 7:13:15 AM PDT by ButThreeLeftsDo
The Star Tribune newspaper has stopped making payments to its senior creditors, the chairman of the company said Tuesday.
The decision to skip a $9 million quarterly payment on its $432 million debt allows the newspaper to conserve cash while attempting to restructure, said company Chairman Christopher Harte.
All options, including a bankruptcy filing, are on the table as the newspaper and its advisers negotiate with the paper’s lenders. “We are looking at an incredibly wide range of options, but nothing’s imminent,” said Harte.
The newspaper still makes money, Harte added, and he doesn’t expect the missed payment to affect relationships with vendors or advertisers.
In addition, the company continues to invest in “midlevel” capital expenditures such as the newsroom’s current program of upgrading computers and its e-mail system.
(Excerpt) Read more at startribune.com ...
LOL! Quick, 3 things... never mind.
Agree, other than providing dems with headlines so they had the day’s talking points... it accomplished very little (of benefit.)
(no losing weight or growing hair though, huh?!)
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