Romenesko Memos "While we were not looking to
sell the Connecticut Post, we took advantage of an opportunity to accomplish several important objectives," says a memo to MediaNews employees. "First, proceeds from the sale were used to repay almost 25% of our outstanding bank debt. Secondly, the transaction provided a unique opportunity to approach our bank lenders with a 'win-win' proposition. In exchange for the large repayment, our banks agreed to relax certain key aspects of our credit agreement to provide more room to navigate over the coming years."
