In closing the Tribune deal, Alden borrowed $278M, all of which goes on Tribune's books. $218M comes from PE firm Cerberus; $60M from Alden's other news co, MNG, at an eye-popping 13% interest, additionally lining Alden's pockets on Trib's balance sheet https://t.co/etkQtLT4uM
— Lukas I. Alpert (@lalpert1) May 25, 2021
Years ago former criminal mobsters said they went legit because it was easier to steal money without consequence.
This probably will be the last we'll ever be able to see the company's finances. This is because it has now become a private company no longer listed on the stock exchange. Meaning they are no longer bound by the regulations required of publically traded companies.
In this news release it also says, While Alden’s $633 million offer is fully financed, the hedge fund can use Tribune Publishing’s cash on hand and reserved the right to have the newspaper chain take on up to $375 million in debt to close the deal, according to its equity commitment letter filed with the SEC. Tribune Publishing is debt-free, profitable and has more than $250 million in cash.
In this news release it also says, While Alden’s $633 million offer is fully financed, the hedge fund can use Tribune Publishing’s cash on hand and reserved the right to have the newspaper chain take on up to $375 million in debt to close the deal, according to its equity commitment letter filed with the SEC. Tribune Publishing is debt-free, profitable and has more than $250 million in cash.
Tribune Publishing offering buyouts to newsroom employees, two days after purchase by hedge fund Alden https://t.co/yA5LCypzzS
— Chicago Tribune (@chicagotribune) May 26, 2021
will the call continue to be published ?
ReplyDeleteSo far, yes. Reporters are hoping somebody will buy it from Alden if their willing to sell it. Problem is what would someone being buying. They have no presses any more nor office building. So in other words only the name.
Delete