Aug5 |
Pigs Flying Much Closer To Ground
Last last week, Phillymag’s Steve Volk wrote about the financial worries at Philadelphia Media Holdings, the Brian Tierney-captained crew running the Inquirer, Daily News and other related properties. The 411: Standard & Poor’s reported PMH will have its debt interest rate go up a point in exchange for being allowed to miss a few payments. Its loan was trading in the mid-70s in June and is now in the 40s. Want more bad news? Sure: Boscov’s, which has filed for bankruptcy, owes the paper nearly a million dollars. Of course, when the company gets that money, it will immediately be spent on inflatable pigs and cat food, so that Philly.com may construct a whole army of 40-plus pound cats to put on the front page. Financial Worries Deepen at Philadelphia Media Holdings [Phillymag] |
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