One employee was laid off Jan. 9 at the Garden Island in Kaua'i, Hawaii. A full-time circulation employee, who has worked at the paper for 14 years, was cut to part-time. Wages also have been frozen at the paper, and 401(k) contributions have been cut.
The Garden Island was a 2008 Enterprise of the Year finalist.
(Via e-mail)
(Updated with date)
Wednesday, February 18, 2009
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1 comment:
Alan Mutter of Reflections of a Newsosaur has a pretty good analysis of what this new debt agreement means to Lee.
"In an example of how this works, the company now is obligated to pay only $22.1 million against the $1.1 billion in September, instead of the previous requirement to pay $54.9 million. At the same time, the company has agreed to pay higher interest rates on the loans, which will reduce the resources available for investing in the business or restoring its dividend, which was suspended as the company mustered all available cash to service its debt."
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