If you’re a Strib bankruptcy-watcher, I’m going to use my rickety bully pulpit to direct you to a fine bit of financial digging by Finance & Commerce’s Bob Geiger, Mark Anderson and Burl Gilyard.
Simply put, the Strib’s lenders are so pessimistic about ever seeing the $400-million-plus they’ve lent the paper that they “want out,” which means shopping the debt at a discount. The F&C reporters say the buyers could be bottom-feeding cost-slashing hedge funds, who would further cut costs rather than invest long-term.
The debt has also been offered to locals, F&C adds.
For financial and journalism junkies, there’s lots more good stuff, but F&C deserves the hits so you’ll have to read it over there. There’s also a good update from Gilyard on the Strib’s attempted land sale.
One synchronicity note: F&C’s debt story broke today, and Strib newsroom workers vote on a new three-year labor deal tomorrow.