Wednesday, April 8, 2009

Look for another round of layoffs at McClatchy in June... company is on verge of violating debt covenants

From McLatchy Watch:

Despite well-publicized cost-cutting measures taken last month (1,400 layoffs, wage cuts for remaining employees, mandated furloughs for many employees, and suspension of matching retirement contributions), a look at revenue projections and McClatchy's debt requirements shows McClatchy may be on the verge of violating debt covenants by June 30 -- which could trigger another round of layoffs and a sell-off of major assets.

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