Moody's Investors Service has down-graded MediaNews because it "faces a heightened risk of near-term default ...." under Moody's definitions. From E&P:
Moody's said it calculates Denver-based MediaNews Group's leverage ratio as more than 8 times debt to EBITDA (earnings before interest, taxes, depreciation and amortization). When Tribune sought bankruptcy refuge earlier this week, it was widely reported it feared violating its credit agreement covenants of 9 times EBITDA.MediaNews insists its "in compliance with all debt covenants, as has always been the case, and expects to do whatever is needed to stay in compliance during these difficult times."
Whatever is needed?
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4 comments:
GO DEAN GO!
Larry Allison said Dean saved the Press-Telegram when he bought it.
Someone should ask Rich about the years bonus salary he received on the backs of hundreds, for staying through the slaughter at the Press-Telegram.
Meanwhile every year Rich has money for merit raises and to be the hero hoards the money and then places it at the feet of Dean to buy him more time.
Sleep well my man.
Dean is a financial Genius and the savior of Journalism.
MediaNews has " Jumped the Journalism Shark " and soon will be canceled.
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