Friday, April 3, 2009
MediaNews gets some breathing room
The NY Times and Wall Street Journal are reporting that MediaNews Group has reached an agreement with its lenders and bondholders that will allow the newspaper company to forgo making a principal payment on its debt, which was due Tuesday. The company's creditors, led by Bank of America, have agreed to give MediaNews time to reorganize its capital structure, the Times said, quoting people briefed on the matter. MediaNews owns most the Bay Area's dailies including the Mercury News and Contra Costa Times.