McClatchy: "We will have $2 billion in debt by the end of 2008"

CNNMoney.com has today's announcement from McClatchy:

BOSTON, Dec. 5, 2007 (Thomson Financial delivered by Newstex) -- McClatchy Co. (NYSE:MNI) Wednesday said it expects revenue to 'still be down' in the mid-single digit range for full-year 2008.The company also sees debt at year-end 2008 to be about $2 billion.'As we look to 2008 many of the economic challenges remain, particularly in our California and Florida markets,' McClatchy said. 'We will continue ourunremitting focus on cost control and reengineering, and expect cash expenses to be down in the mid-single digit range as well. We expect to show earnings growth, which will largely come from lower interest expense as we repay debt.'