Tags: corporate | jet

NY Times Selling Jet for Much-Needed Cash

By Dave Eberhart   |   Thursday, 12 Mar 2009 01:16 PM

The New York Times has put its 12-year-old corporate jet on the block in an effort to raise some needed cash, reports the New York Post.

The once high-flying Grey Lady noted the expected plane sale in a footnote to its annual shareholder proxy.

Although the Times did not recite any details about the plane, the Post learned from private jet brokers that the aircraft is a Dassault Falcon 50EX, “a midsize corporate jet with nine cabin seats, four armchairs, a lounge area and a sofa bed.”

On the market in mid-January, the advertised price for the jet is $9.5 million -- although the realistic price in these troubled times is likely closer to $8 million, brokers conceded. The paper purchased the Falcon in 1998 for around $17 million.

With newspaper ad revenues plummeting, the plane has been grounded to help the Times meet its bills. The company has more than $1 billion in debt, $400 million coming due in May and another $300 million by March 2010, according to the Post report.

The news of the fate of the jet comes on the heels of the company’s announcement of a deal to mortgage its midtown Manhattan headquarters to W.P. Carey & Co. for $225 million.

Meanwhile, the cash-strapped paper is also looking to sell its interest in the Boston Red Sox, another yard sale item expected to bring to the coffers between $140 million and $150 million.

© 2015 Newsmax. All rights reserved.

1Like our page
2Share
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved