tag:blogger.com,1999:blog-4726844761468242273.post8081963589750176122..comments2023-10-07T05:29:20.923-07:00Comments on McClatchy Watch: S&P cuts McClatchy's rating deeper into junk territoryUnknownnoreply@blogger.comBlogger12125tag:blogger.com,1999:blog-4726844761468242273.post-24687730729613257942009-02-06T15:28:00.000-08:002009-02-06T15:28:00.000-08:00So is Pat right that they don't have to worry ...So is Pat right that they don't have to worry until 2011? If he is correct then What's with the Standard & Poor's<BR/><BR/>````````````<BR/>No, actually Pat is full of crap and lying through his teeth, basing his drivel on the assumption that they will not violate the covenants of their credit terms. Unfortunately for him and his big mouth, the announcement by S&P AND Fitch betrays his shtick. <BR/><BR/>S&P's and Fitch's credit ratings are generally the key factors in a company's debt covenants and by being placed on Negative watch indicates that they are expecting to lower further. To do so, can and probably will send them into violation ending all bets on their sweetheart renegotiations deal that the banks have figured out by now that they got screwed. <BR/> If McClatchy were to violate those term you can rest assured that the creditors at this point would force liquidation as the sum of the parts is now worth more than the whole.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-10200677564060662362009-02-06T15:09:00.000-08:002009-02-06T15:09:00.000-08:00Pruitt has ‘elegant’ takes-- That’s what they are ...Pruitt has ‘elegant’ takes-- That’s what they are calling mismanagement now? <BR/><BR/>“McClatchy CEO Gary Pruitt has a knack for elegant takes on high-concept, long-term newspaper industry issues.”Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-24853490722332882932009-02-06T15:00:00.000-08:002009-02-06T15:00:00.000-08:00@Fitz & Jen“The McClatchy’s Co. revenue and EB...@Fitz & Jen<BR/><BR/>“The McClatchy’s Co. revenue and EBITDA are falling so fast that it will violate its loan agreement -- even with its new looser covenants.” <BR/><BR/>Looser covenants, another new phrase. This is like learning a whole new language. I definitely need an interpreter.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-7229639443689342912009-02-06T14:57:00.000-08:002009-02-06T14:57:00.000-08:00Anon 1:34 PM, who could know what all this means? ...Anon 1:34 PM, who could know what all this means? <BR/><BR/>One says forgetaboutit, the other says, you are too damn shaky. I wonder if the guys that break kneecaps for not paying up, are in the wings somewhere?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-38127689261124265242009-02-06T13:34:00.000-08:002009-02-06T13:34:00.000-08:001:17 So is Pat right that they don't have to w...1:17 So is Pat right that they don't have to worry until 2011? If he is correct then What's with the Standard & Poor's.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-67120477908408699042009-02-06T13:22:00.000-08:002009-02-06T13:22:00.000-08:00Pruitt gets an A for doublespeak!Pruitt gets an A for doublespeak!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-2340291708881965222009-02-06T13:20:00.000-08:002009-02-06T13:20:00.000-08:00Honestly, if Pruitt did get fired, would anyone wa...Honestly, if Pruitt did get fired, would anyone want to be CEO of MNI now that it is doomed?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-34609373194654688402009-02-06T13:17:00.000-08:002009-02-06T13:17:00.000-08:00So,what was this about?Pat Talamantes said:...So, ...So,what was this about?<BR/><BR/>Pat Talamantes said:<BR/><BR/>...So, going forward, we do not have any meaningful maturities until June of 2011. June of 2011 in this market is a long way away. So, compared to other companies that are out there dealing with maturities in 2009, we are feeling pretty good about that, and we are working hard as we can to see if we can not reduce the amount that matures in 2011.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-82354031891836284132009-02-06T12:51:00.001-08:002009-02-06T12:51:00.001-08:00Wall Street Journal - S&P Downgrades McClatchy...Wall Street Journal - S&P Downgrades McClatchy To Highly Speculative Territory<BR/><BR/><BR/><BR/>Man, this is going out all over the place.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-44520071670251907822009-02-06T12:51:00.000-08:002009-02-06T12:51:00.000-08:00Junk-just like their papers! Ha!Junk-just like their papers! Ha!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-4109827320856920472009-02-06T12:47:00.000-08:002009-02-06T12:47:00.000-08:00DOW Jones News Ticker: (Exchange Floor)Standard &a...DOW Jones News Ticker: (Exchange Floor)<BR/><BR/>Standard & Poor's Ratings Services pushed its rating on ailing newspaper publisher McClatchy Inc. (MNI) to highly speculative territory amid concerns the company may violate debt covenants by year's end.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-39290897249185268702009-02-06T12:44:00.000-08:002009-02-06T12:44:00.000-08:00Yep, Pruitt is leading MNI into bankruptcy. I once...Yep, Pruitt is leading MNI into bankruptcy. I once felt the family would step in to prevent that by dumping Pruitt. Now it is clear they are complicit.Anonymousnoreply@blogger.com