What appears to be a wave of panic-driven selling is taking shares in newspaper chain McClatchy (MNI) down 26% to a new multi-year low of $1.10. The stock has a 52-week high of $13.31.
On Monday, McClatchy announced that November advertising revenue dropped 19.4% which means that the company is facing having an operating deficit for Q4.
McClatchy has $2.4 billion in debt and it is not clear how it can possibly repay that.
Douglas A. McIntyre