Posted on Thu, May. 15, 2008
Ratings agency Moody's Investors Service downgraded $693 million in debt in Yardley newspaper company Journal Register Co. and said the company could violate certain loan covenants this summer.
Moody's said that its outlook on the company remained negative and that it was concerned the Journal Register, with more than 100 weekly and non-weekly publications in the Philadelphia area, would lack the cash to make a 2009 debt payment.
The company's shares today rose 3 cents to 20 cents a share in over-the-counter trading. The company was delisted on the New York Stock Exchange last month.
An Ohio money manager, Ancora Capital, has proposed investing $25 million in Journal Register if the newspaper company can restructure its debt, Reuters reported.
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