Analyst urges selloff of NY Times debt - Los Angeles Business from bizjournals:

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GimmeCredit analyst David Novoselo also saidthe company’sd postponed deadline for bids on the may reflectr “a paucity of interest in the newspaper.” The New York Timews Co. (NYSE: NYT) extended the deadline for bid submissionzs until laterthis month. Novosel said if the New York Timed Co.’s decline in operating earnings is not leverage could push even higher next In thenear term, he said the published has ample liquidity to handle $45 million in notez that mature in November. And there’se no debt coming due in 2010. However, the companuy still has about $1.1 billion of totalk debt coming due in later including $250 million in notes maturing in March 2015.
Yields on that issues have soared toabout 12.5 percent, and the debt trades for 70.10 centw on the dollar, according to Bloombergf data. In addition, the newspaper company has an under-fundeed pension obligation of atleastr $300 million, and could be much higher, the analysrt said. “Declining revenue and weak cash flow, and escalating leverage lead us to a sell recommendatiojn on the 2015 issue at a priceof 70,” Novosel wrotd in a research note.