Earlier this week, we speculated that Arizona Daily Star parent company Lee Enterprises may be preparing for bankruptcy, based on the fact that all Star employees were mysteriously paid early.
Well, it looks like Lee is safe from bankruptcy–for a little while, at least–after refinancing some of its debt, albeit at a hefty cost.
If you’re an accounting wonk with some free time, have at official Lee release is here
This article appears in Feb 19-25, 2009.
” ‘Star’ Parent Gets (Expensive) Lifeline”
These moves are a rest station on the way to Ch. 11 BK.
Unfortunately, it looks like they just got themselves a fresh sink of water to swim in but the drainplug’s been pulled and can’t be located. The Star, itself, is in a tiny boat inside said sink. Goin’ down the drain…