Thursday, January 1, 2009

Newspaper publisher Lee inches toward default

Lee Enterprises (LEE.N) got some extra time to work out an agreement to pay its debt, even as auditors questioned the U.S. newspaper publisher's ability to continue operating, a violation of its borrowing terms.

In its annual report, filed on Wednesday with the U.S. Securities and Exchange Commission, Lee said it does not have enough cash flow to meet its requirements for 2009 operation

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