New York Times Borrows $250 Mil. From Mexican Businessman to Stay Afloat

January 21, 2009

New York (ChattahBox) – The legendary news source, The New York Times, has finalized the details on a $250 million dollar loan from a Mexican businessman, in order to keep their company running smoothly, and help it to pay of it’s debts that have been pulling the Times under.

Carlos Slim Helu will issue the unsecured notes, which will come due in 2015, leaving the Times with enough leeway to pay off the majority of their hundreds of millions in debts, and keep the newspaper from collapsing, as ad revenue decreases in a struggling economy.

“They need all of the fuel they can get to keep going,” Richard Dorfman, of the New York firm Richard Alan Inc. commented on the loan.

The New York Times currently owes more then $1 billion in debt to various sources.


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