Posted on 01/01/2009 2:07:19 PM PST by abb
Lee Enterprises (LEE.N) got some extra time to work out an agreement to pay its debt, even as auditors questioned the U.S. newspaper publisher's ability to continue operating, a violation of its borrowing terms.
In its annual report, filed on Wednesday with the U.S. Securities and Exchange Commission, Lee said it does not have enough cash flow to meet its requirements for 2009 operations.
Lee is profitable, but owes millions in debt related to its $1.5 billion purchase of newspaper chain Pulitzer Inc in 2005. The company in its filing said it also does not have enough cash to meet requirements for paying back its Pulitzer notes.
Lee's earlier this month warned that its auditors might conclude that the company would have trouble continuing as a going concern.
The company now must reach an agreement with lenders by mid-January on new terms, and has another deadline to meet after that in late March.
It also said that it has received notice that its stock has fallen below the minimum requirement for listing on the New York Stock Exchange.
The publisher of the St. Louis Post-Dispatch is the latest U.S. newspaper publisher to teeter on the brink of default as newspaper advertising revenue falls.
snip
(Excerpt) Read more at reuters.com ...
ping
http://newsosaur.blogspot.com/
Lee auditors issue ‘going concern’ warning
http://www.fitzandjen.com/
No Champagne In Davenport As Lee Swings To $879 Million ’08 Loss On Billion-Plus Goodwill Write-Off
http://online.wsj.com/article/SB123075988836646491.html
Music Sales Decline for Seventh Time in Eight Years
Digital Downloads Can’t Offset 20% Plunge in CD Sales
Wow. Do snoozepapers ever give financial advise within their pages? I would say steer clear of anything they publish...
Xtra! Xtra!
News Orgs Will Get Bailout $$ From Mommy State!
Free Press Mum on Implications!
Couldn’t happen to a nicer fishwrap.
http://stlouis.bizjournals.com/stlouis/stories/2008/12/29/daily33.html?ana=yfcpc
Lee Enterprises receives notice from NYSE
Happy New Year, abb, and thank you for your dedication to bring all of these stories to our attention.
Much appreciated.
http://bristolnews.blogspot.com/
Thursday, January 1, 2009
Nicastro bombarded with media calls today
Amen to that. The St. Louis Post Dispatch is one of the greatest enemies America has today. Eff 'em. I hope they die sooner rather than later.
Post = left wing.
Bring back the Globe-Democrat!
“Bring back the Globe-Democrat!”
Amen. I lived in St. Louis when it was a two-newspaper town.
Wasn’t the Post-Dispatch once the flagship for the leftist Pulitzer clan?
From your keyboard to God’s eyes.
Amen
Also a leading voice against Ronald Reagan and his attack on the “evil empire.”
Did you see the article yesterday about a possible Government “Bailout” of newspapers?
Yes. Lots of chatter on the blogosphere about it. Michelle Malkin took note.
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