This blog is mainly about the spectacular train wreck at The Sacramento Bee and its parent company, the McClatchy Company. But I also post about current events, the Iraq and Afghanistan wars, politics, anything else that grabs my attention. Take a look around this blog, hope you enjoy it.
Thursday, June 25, 2009
Today is the deadline for McClatchy's debt swap
A few days ago I noted McClatchy had exchanged just 10 percent of the debt it had hoped to exchange. McClatchy extended the deadline to today at 5:00 PM, hoping to get more investors to get on board.
Stay tuned. . . .
9 comments:
Anonymous
said...
Once again Corporate fails,forget the bond buybacks just outsource everyone up in corporate including the worst CEO in the world. A half eaten sandwich has more intelligence than our glorious leader.
OK, now that "the great bond swap" appears to have fizzled, let the layoffs/outsourcing begin. Just remember what happened when the sale of that Miami property fell apart.
Sorry to disappoint you,5 :22 p.m., but the Miami land deal has until the end of the year: ------
Jan 01, 2009 (The Miami Herald - McClatchy-Tribune Information -- Faced with the prospect of losing a pricey deal signed during the height of South Florida's property boom, The McClatchy Co. decided it's better to give the developer more time to close than putting the real estate up for sale again -- and perhaps receiving significantly lower offers in a depressed market.
The decision announced late Tuesday gives developer Mark Siffin another year to arrange financing to close on the $190 million purchase of 10 acres of parking lots surrounding the McClatchy-owned Miami Herald Media Co.'s bayfront headquarters...
Sorry to disappoint you 8:24 PM but that deal was doomed before day one and worth considerably less than it was in 2005 when they first agreed to it. It isn't going to happen, period.
If you all remember, the land deal was supposed to net $115 mil. Somehow that seems very close to the savings that were supposed to happen via the "Great Spring Layoff". If my addled brain is working correctly this morning, the payment on "the debt" for the first quarter was $139mil. I seem to remember seeing in MW where the second quarterly payment will be $150 Mil. Draw your own conclusions
7:38, I hope you are right, but I think they still need the land deal. The "Great Spring Layoff" as you call it was because the company was projecting being down 30%+ in ad revenue year over year, much worse than anticipated.
9 comments:
Once again Corporate fails,forget the bond buybacks just outsource everyone up in corporate including the worst CEO in the world. A half eaten sandwich has more intelligence than our glorious leader.
Yeah, I'm betting they were just waiting for that opportunity. Please.
Speaking of Gary Pruitt, has anybody actually seen him since he told MNI shareholders in May he sees a long and prosperous future for the company?
Tic, Toc, Tic, Toc.
Is it chapter 11 time?
OK, now that "the great bond swap" appears to have fizzled, let the layoffs/outsourcing begin. Just remember what happened when the sale of that Miami property fell apart.
Sorry to disappoint you,5 :22 p.m., but the Miami land deal has until the end of the year:
------
Jan 01, 2009 (The Miami Herald - McClatchy-Tribune Information -- Faced with the prospect of losing a pricey deal signed during the height of South Florida's property boom, The McClatchy Co. decided it's better to give the developer more time to close than putting the real estate up for sale again -- and perhaps receiving significantly lower offers in a depressed market.
The decision announced late Tuesday gives developer Mark Siffin another year to arrange financing to close on the $190 million purchase of 10 acres of parking lots surrounding the McClatchy-owned Miami Herald Media Co.'s bayfront headquarters...
Sorry to disappoint you 8:24 PM but that deal was doomed before day one and worth considerably less than it was in 2005 when they first agreed to it. It isn't going to happen, period.
If you all remember, the land deal was supposed to net $115 mil. Somehow that seems very close to the savings that were supposed to happen via the "Great Spring Layoff". If my addled brain is working correctly this morning, the payment on "the debt" for the first quarter was $139mil. I seem to remember seeing in MW where the second quarterly payment will be $150 Mil. Draw your own conclusions
7:38, I hope you are right, but I think they still need the land deal. The "Great Spring Layoff" as you call it was because the company was projecting being down 30%+ in ad revenue year over year, much worse than anticipated.
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