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American Media Will Pay Later [Publishing]
Posted on August 28, 2008
American Media, the publisher of Star and the National Enquirer, has come to an agreement with its creditors to refinance $570 million of its more than $1 billion in total debt. That's code for going to the people you owe money to and saying, Funniest thing I just can't pay you. Wanna change our deal a little bit? Or would you prefer I just declare bankruptcy and we both get screwed? As savvy financial types like to say, if you owe the bank $1 million, they own you; if you owe the bank $1 billion, you own them. Although AMI squandered millions needlessly on things like, you know, the ser...
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