Monday, December 8, 2008
Cash-Strapped New York Times Wants to Borrow Against Its HQ: Anyone Want to Lend It $225 Million?
The New York Times is running low on cash but has a $400 million debt payment due next spring. How to foot the bill? Raise money anywhere it can. Last month, the Times cut its dividend, a move that could save it up to $100 million a year. Now the paper is looking to borrow against its new Manhattan headquarters: It has hired a real estate firm to raise up to $225 million using the value of the building as collateral.
