By: E&P Staff
In an analysis posted on the Silicon Alley Insider blog Friday, the former star stock analyst Henry Blodget concludes The New York Times Co. is heading toward bankruptcy.
Blodget previously issued that warning when the Times Co. released its first-quarter financial results. But he says the more-detailed numbers in the company’s just-filed quarterly report to the U.S. Securities and Exchange Commission shows the Times Co. is not doing as badly as he thought — but that bankruptcy is still a very real possibility.
The company has slowed its loss of free cash flow, according to Blodget’s analysis, but that only postpones the “day of reckoning” to 2011.
A more detailed report on the analysis is posted at E&P’s business-oriented Fitz & Jen blog.