The facts that the NYT does not dispute are the following:
• We have two revolving credit agreements.
• These are agreements with banks that allow us to borrow up to $400 million under each agreement, or $800 million in total, whenever we need it. We repay what we have borrowed as cash comes in and the amount we can borrow is then replenished.
• One of our agreements will expire in May 2009 and the other in June 2011.
• As we have said publicly on more than one occasion, because we believe we need significantly less than the total $800 million available credit, we do not plan to replace the full $400 million that is expiring in May. There is no need to do so.
• We are in the process of pursuing a sale-leaseback for up to $225 million for some of the space we own in our headquarters building
Where they seem to disagree is whether or not NYT follows in poor Nortel's footsteps in a 4 brief months.
So listen up Scott Galloway, Phil Falcone and Sulzberger best friend Steve Rattner - now is a time to step up, and either dump some more cash in this phenomenally performing business or turn the spin machine on turbo.Sphere: Related Content Print this post