New York Times Owes $400M

The New York TimesThe Bee Gees once urged us to understand The New York Times’ effect on man. That was thirty years ago, when sheets of dead trees reigned supreme among media.

Now that we are all media, perhaps we can try to understand man’s effect on The New York Times.

…the company must deliver $400 million to lenders in May of 2009, six months from now. The company has only $46 million of cash on hand, and its operations will likely begin consuming this meager balance this quarter or next. The company has been shut out of the commercial paper market, but has a $366 million short-term credit line remaining that it entered into several years ago, when the industry was strong.

To her credit at least, the Gray Lady sees what’s coming, and she’s doing something about it. If the New York Times is in trouble, how long can Philippine newspapers stay complacent and condescending in the face of the Web?

(Image via Ron Smith.)

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