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.
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