alstry (35.70)

A New Level of Lunacy from the Press

October 01, 2008 – Comments (1)

Get Ready for the Bankruptcy Parade 

Newspapers, Homebuilders, Auto Dealerships, Banks, Hospitals, Cities, States, Retailers, Commercial Real Estate....ect...

Unless we restructure we will fail......very soon.

Even this one I had to read twice:

The Star Tribune newspaper has stopped making payments to its senior creditors, the chairman of the company said Tuesday.

The decision to skip a $9 million quarterly payment on its $432 million debt allows the newspaper to conserve cash while attempting to restructure, said company Chairman Christopher Harte.

All options, including a bankruptcy filing, are on the table as the newspaper and its advisers negotiate with the paper’s lenders.
“We are looking at an incredibly wide range of options, but nothing’s imminent,” said Harte.

The newspaper still makes money, Harte added, and he doesn’t expect the missed payment to affect relationships with vendors or advertisers.  The Newhouse family, one of America’s wealthiest, is threatening to close or sell the Star-Ledger in New Jersey unless workers agree to concessions. The New York Sun shut down earlier this week, and Creative Loafing, an alternative newspaper chain with weeklies in Chicago and Washington D.C., filed a Chapter 11 bankruptcy petition.

 Not 'straight line’ to bankruptcy.

http://www.startribune.com/business/29984314.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aU7EaDiaMDCiUT

"The newspaper still makes money" but is NOT paying its creditors?????  Could you imagine someone saying that to their credit card company or mortgage holder???

If this is where America gets its news from.....no wonder we are clueless.  The press is clueless about its own financial position.

No wonder the world is upset.......and we call the French frogs?  We are the frogs in boiling water.