Feb 9, 2009
McClatchy Update: More Bad News
by Steve SmithThe hits keep coming for McClatchy Co., the Star-Telegram’s parent company. On Friday, the issued an 8-K stating that the New York Stock Exchange has notified the company that the company is not in compliance with the NYSE’s continued listing standards, which means they have six months to get their stock price about $1 a share. If the Company is not compliant by that date, its Class A Common Stock will be subject to suspension and delisting by the NYSE.
Also Friday, Standard & Poor’s cut its ratings on McClatchy deeper into junk territory and to an extremely speculative grade and said the company is likely to violate terms in its debt agreements at the end of 2009.
Tags: McClatchy, star-telegram
One Comment, Comments or Pings
Quaid
If they can’t be profitable under the terms in which they operate, then they need to change the way they operate. It doesn’t take a Harvard trained MBA to figure that one out.
Time to make some changes if they wish to stay open.
Feb 9th, 2009
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