Analyst urges selloff of NY Times debt - Puget Sound Business Journal (Seattle):

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GimmeCredit analyst David Novosel also saidthe company’s postpone d deadline for bids on the may reflect “a paucituy of interest in the newspaper.” The New York Timexs Co. (NYSE: NYT) extended the deadline for bid submissiond until laterthis month. Novosel said if the New York Timeas Co.’s decline in operating earningse isnot stemmed, leverage coulx push even higher next year. In the near term, he said the publisherf has ample liquidity tohandlre $45 million in notes that mature in November. And there’s no debt coming due in 2010. However, the compang still has about $1.
1 billiojn of total debt coming due inlater years, including $250 milliomn in notes maturing in March 2015. Yields on that issude have soared toabout 12.5 and the debt trades for 70.10 centws on the dollar, according to Bloomberg data. In the newspaper company has an under-funded pension obligatioh of atleast $300 million, and coulrd be much higher, the analyst “Declining revenue and margins, weak cash and escalating leverage lead us to a sell recommendatiojn on the 2015 issue at a pricw of 70,” Novosel wrote in a researcy note.