What do Media General’s financial woes mean for papers? (Cville)
A long and at times rambling story about Media General and it’s future in Charlottesville and Richmond. Media General certainly has a heavy debt load. The Company secured a $1 billion revolving credit facility as part of an aggressive acquisition strategy that included the purchase of those four NBC stations. The company has been forced several times over the last two years to negotiate amendments to the bank’s terms and to pay down its mounting debt through operating cash flow and by selling off several other TV stations. Still, a total of $730 million in long-term debt remains outstanding on the balance sheet.
Power of Stimulus Slow to Take Hold (Washington Post)
Leading economists agree that the most powerful effects of the stimulus package have yet to be felt. But even if the measure lives up to Obama’s expectations, it would barely offset the 433,000 jobs the nation lost last month alone, and the resulting employment would represent a drop in the bucket compared with the 6.5 million jobs lost since the recession began in December 2007.
U.S. Considers Curbs on Speculative Trading of Oil (NY Times)
Reacting to the violent swings in oil prices in recent months, federal regulators announced on Tuesday that they were considering new restrictions on “speculative” traders in markets for oil, natural gas and other energy products.
Pickens calls off massive wind farm in Texas (USA Today)
Plans for the world’s largest wind farm in the Texas panhandle have been scrapped, energy baron T. Boone Pickens said Tuesday, and he is looking for a home for 687 giant wind turbines.
Dropping home values crunch credit lines (Fortune)
As home values fall, home equity credit lines — a favorite cash source for entrepreneurs — are vanishing.
The Silver Lining for Small Business in a Recession (Inc.)
Kauffman Foundation president Carl Schramm talks about why great companies tend to get launched during recessions