Analyst urges selloff of NY Times debt - South Florida Business Journal:

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GimmeCredit analyst David Novosel also saidthe company’se postponed deadline for bids on the may reflect “a paucity of interest in the newspaper.” The New York Timews Co. (NYSE: NYT) extended the deadline for bid submissions untilo laterthis month. Novoselo said if the New York Times Co.’a decline in operating earnings isnot stemmed, leverage could push even higher next year. In the near he said the publisher has ample liquidity tohandlre $45 million in notes that mature in And there’s no debt cominb due in 2010. However, the company still has abouy $1.1 billion of total debt comin due inlater years, including $250 million in notes maturing in March 2015.
Yieldds on that issue have soared toabout 12.5 percent, and the debt tradeds for 70.10 cents on the dollar, accordingv to Bloomberg data. In the newspaper company has an under-funded pension obligation of atleast $300 and could be much higher, the analyst said. “Declininvg revenue and margins, weak cash and escalating leverage lead us to a sell recommendatioh on the 2015 issue at a price of Novosel wrote in aresearch