tag:blogger.com,1999:blog-5583157134881112619.post77664024152867071..comments2024-03-10T23:44:30.359-05:00Comments on Racine Post: Lee needs debt waiver to forestall defaultDustin http://www.blogger.com/profile/10717778498642473701noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-5583157134881112619.post-85627335463952733272008-12-16T15:39:00.000-06:002008-12-16T15:39:00.000-06:00The following was published in the Business Journa...The following was published in the Business Journal.<BR/><BR/>TAKE NOTE - KPMG'S STATEMENT IS STATING THE OBVIOUS - THE BUSINESS IS ON LIFE SUPPORT AND SHOULD THE VENTALATOR BE DISCONECTED OR NOT!<BR/><BR/>Lee Enterprises Inc., parent of the St. Louis Post-Dispatch, said Monday that its independent accounting firm might raise a "concern" in the company's annual report about the publisher’s ability to continue.<BR/><BR/>Such a modification of the report would, unless waived by the lenders, cause a default under Lee's bank credit agreement.<BR/><BR/><BR/>Lee said it expects to write down at least $180 million in the fourth quarter. Unless lenders agree, the impairment charges would trigger a default on the $306 million in debt that Lee took on when it bought Pulitzer Inc. in 2005.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5583157134881112619.post-9377176799973784172008-12-16T10:06:00.000-06:002008-12-16T10:06:00.000-06:00I knew the pieces of that old fire station would s...I knew the pieces of that old fire station would still be coming down when the paper went belly up . . .Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5583157134881112619.post-71438672587838090272008-12-15T18:10:00.000-06:002008-12-15T18:10:00.000-06:00I am in tears.I am in tears.Anonymousnoreply@blogger.com