They only have $44 million in cash on hand. Monthly burn rate looks to be about negative $30 million a month. Most of their controllable expenses are people. Expect a writers and editors to be on the street, the dividend to be eliminated, and management layers to be cut.
They have a lot of long term assets â€“ other papers, property, so forth. So they can probably use their line of credit against those. And they will have to sell some of them, at absolutely the wrong time to sell assets.
Something will have to change in next few months or they will hit bottom â€“ not have enough cash on hand to continue to operate.
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