Media General bargains with creditors
by Hawes Spencer
published 5:21pm Wednesday Dec 10, 2008
published 5:21pm Wednesday Dec 10, 2008
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With even the venerable New York Times teetering, the embattled parent company of the Daily Progress and the Richmond Times-Dispatch announced Wednesday, December 10, that it has successfully modified terms with the creditors who lent it over $700 million. Lately, Media General stock has been trading for a small fraction of its former value with some worries that its debt could send it into a Chicago Tribune-style tailspin.
So a local newspaper that sells for $0 is doing okay but a local newspaper with corporate backing and that sells for something like $6/copy is teetering on the brink?
That, my friends, is what they mean by poetic justice.