NYT Co.: We've Got Enough Cash to Weather '09

Posted Thursday, February 26, 2009 12:00 am

By: Mark Fitzgerald The New York Times Co. says it is snapping its wallet shut, and will have enough cash to meet all its obligations in 2009.

In a filing with the Securities and Exchange Commission (SEC) Thursday, the Times Co. said it has taken steps to reduce its $1.1 billion in debt, including dramatically reducing capital spending and selling off assets such as its stake in the Boston Red Sox.

"In light of deteriorating economic conditions, we have taken decisive steps to reduce capital spending and improve our liquidity," the Times Co. said. "We are strongly focused on conserving cash."

The Times also said it does not intend to renew a $400 million credit facility that expires in May.

More details of the filing are reported in E&P's business-oriented Fitz & Jen blog.

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NYT Co.: We've Got Enough Cash to Weather '09

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