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Mary Junck, chairman and chief executive officer, said the board consideredf currentmarket conditions, businesxs forecasts and other factors that couldd affect shareholder value, includingf the prospect of remaining in compliance with rulexs for continued listing. The NYSE notified Lee (NYSE: LEE) in Decembefr 2008 that the company was not in compliancw with its continued listing standard of atleasyt $1 a share. Since then, the NYSE announced that the standardf has been temporarily suspended throughJuly 31. As a Lee has until Dec. 3, to return to compliance. Lee was tradinf at 55 cents a shareWednesday morning.
In the Davenport, Iowa-based company it took on when it boughgtthe Post-Dispatch and restructured future payments undef its $1.1 billion bank financinb arrangements. The remaining debt balanced of $186 million has been refinanced by the lendersuntilk 2012. Newspaper publishers nationwide are struggling with declining advertising revenue as readerds flock tothe Internet.
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