More money is going out of their company than in
Philadelphia Newspapers, LLC, the parent company of the Philadelphia Inquirer and the Daily News, has estimated, in recent bankruptcy court filings, it has a much larger negative weekly cash flow than originally projected.
The change in the cash flow numbers were included in a filing on Monday authorizing Philadelphia Newspapers to access cash collateral and continue operating. The arrangement allows the company to use its collateral from a $350 million loan from Citizen’s Bank to fund its operating costs.
The original cash collateral budget for Feb. 20 through March 6, predicted Philadelphia Newspapers would lose $1,695,402, for an average loss of $847,701 per week. The new budget, which provides for the company’s estimated expenditures from March 9 until March 20, shows a negative cash flow of $4,701,804, an average of $2,350,902 per week.
When they were bought out from the now defunct Knight-Ridder syndicate almost 4 years ago, they had a chance to make improvements. They didn't. They kept taking a leftist stance. No wonder they're losing out.
Labels: communications, msm foulness, United States