Lee Enterprises near bankruptcy

Rats, that means I'll have to be responsible for the stories I normally write when I'm on furlough. If something happens I'm responsible for I'll have to work.

 

No, Fredrick, if you're on furlough, you don't work. It is someone else's problem and if they make you work, you tell them you have to be paid for it.

Of course, no one believes you, so whatever, but if you're really working all the hours you say you are, I have no sympathy. You're choosing to let them walk all over you.

 

and it's also not a great sign.

 

Seriously. Don't work. Don't even check your e-mail. They made this bed. Let them sleep in it.

 

Lee Enterprises refinances Pulitzer Notes to 2012,
amends bank principal payments to weather recession

DAVENPORT, Iowa (Feb. 19, 2009) — In a comprehensive series of steps to strengthen its financial position during the recession, Lee Enterprises, Incorporated (NYSE: LEE), has concluded agreements with existing lenders to refinance $306 million of debt of its subsidiary St. Louis Post-Dispatch LLC (the "Pulitzer Notes") and restructure future payments under its $1.1 billion bank financing arrangements. Lee also has redeemed the 5 percent interest of its minority partner in St. Louis.
http://lee.net/newsreleases/news-2009-02-19-financing.shtml

 

Heard at least on Lee paper is in another meeting this afternoon.

 

My former paper had a meeting, but just to announce what the press release said.

 

I'm no number cruncher, but this doesn't look good.

http://finance.yahoo.com/news/Lee-Enterprises-posts-3Q-loss-apf-3894285963.html?x=0&.v=4

And the corporate spin. Third graf...

http://finance.yahoo.com/news/Lee-Enterprises-Reports-bw-3022941214.html?x=0&.v=1

 

That isn't good at all. Talked to someone at a Lee shop earlier today and she said there is going to be another major round of chops.

Lee folks should keep resumes updated at all times.

 

Everyone should.

 

Unless there's more info out there, I'm not sure this news is as gloomy as it sounds. I'm not sure there's a newspaper chain in the country that won't have staff reductions every six months ago for the foreseeable future. As far as the stock price goes, $1.41 isn't good, but their 52-week range has bottomed out at 24 cents. Should Lee staffers keep their resumes updated? Obviously. But I don't see the need to panic, at least more than anyone else stuck in this rotting business.

http://finance.yahoo.com/q?s=LEE

 

Up to 15 voluntary layoffs by next Friday for State Journal/Capital Times.

http://www.madison.com/wsj/mad/latest/461975