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Debt For Many Newspapers Is Public Enemy #1
Philip M. Stone April 9, 2008
On the face of it the Journal Register Company should be financially okay. It owns 22 daily newspapers, has some 310 other newspapers including small weeklies, and earned last year $90 million before tax, interest, depreciation and amortization. It only had to pay $38.5 million in debt interest, well less than it earned, it reduced debt by $105 million and it has no scheduled principal debt payments due until Q2, 2009. It’s listed on the New York Stock Exchange. So what’s the problem? How about $625 million of debt!
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