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Denver Post's parent company now in serious financial trouble, just as the Rocky goes up for sale. Could Denver be a no-paper town soon?
"Moody's said it calculates Denver-based MediaNews Group's leverage ratio as more than 8 times debt to EBITDA (earnings before interest, taxes, depreciation and amortization). When Tribune sought bankruptcy refuge earlier this week, it was widely reported it feared violating its credit agreement covenants of 9 times EBITDA.
"By far, the largest debtholder of MediaNews is our partner, which is a lot different than Tribune," the spokesman said, referring to Hearst Corporation, which holds a stake in some 115 MediaNews newspapers published outside of California. Tribune debt is held mostly by banks, with some debt securities trading publicly."
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