Reuters: Bankruptcy News: El Pais owner considered U.S. bankruptcy protection -report

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

El Pais owner considered U.S. bankruptcy protection -report Jul 12th 2013, 10:33 MADRID, July 12 | Fri Jul 12, 2013 6:33am EDT MADRID, July 12 (Reuters) - Spanish media company Prisa has weighed filing for Chapter 11 bankruptcy protection in the United States, where it is also listed, the Wall Street Journal reported on Friday, citing several people familiar with the matter. A spokesman for Prisa, publisher of Spain's best-selling non-sports daily paper, said it was continuing to work with creditors to refinance its debt, a process that could take some time. She declined to comment further. The Madrid-based firm's stock price dropped 9 percent to 0.20 euros ($0.26) at 0901 GMT. Prisa, which owns publishing and broadcast assets in Spain, Portugal and Latin America, had net bank debt of around 3 billion euros ($3.9 billion) at the end of the first quarter and showed a loss of 255 million euros last year on revenues of 2.66 billion. The Wall Street Journal said discussions were still ongoing and nothing had been decided and that Prisa could restructure in Spain instead. The newspaper also said Prisa had considered shedding poorly performing assets while holding onto stable parts of the business as one way to trim its debt. Prisa has been squeezed by falling advertising revenues in its home market, despite growth in Latin America. The indebted company's share price dropped 73 percent in 2012. ($1 = 0.7668 euros) (Reporting by Clare Kane; Editing by Julien Toyer and Patrick Graham) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions