Journal Star owner tries to avoid bankruptcy
Bloomberg News has the story about how the Iowa company that owns the Lincoln Journal Star and 52 other newspapers is trying to avoid bankruptcy by haggling with lenders to restructure $1 billion in debt. Moody’s is saying it’s critical that Lee refinance.
According to Bloomberg, Lee’s advertising revenue fell 9 percent last year.
The company is also in danger of losing its listing on the New York Stock Exchange after its average share price fell below the $1 minimum threshold for 30 days.