(2008-10-24) Nytimes Fumes

The Ny Times may be crashing sooner than we expect. At the end of the quarter, cash and cash equivalents were approximately $46 million and total debt was approximately $1.1 billion. The Company's current source of short-term funding is its revolving credit agreements under which it had approximately $398 million in borrowings outstanding at the end of the quarter.

Moody's may cut the rating on that debt. Standard And Poor's already did. The Times Company is only now considering reducing its outsized dividend to shareholders, including most prominently to the Sulzberger family that controls the company.