Tagged LEE

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Cannell Files a Detailed Plan for Lee Ent.

Dear Fellow Shareholders, As one of the largest shareholders of Lee Enterprises, Inc. (“LEE”), Cannell Capital LLC (“CC”) allocates resources to help you. CC owns LEE because we think that great value lies within, value which can be unlocked through the introduction of new stewards of shareholders. The incumbent board is stale, lethargic and devoid…

Lonestar Has Some Advice for Lee Enterprises

(Market Cap $187M) LONESTAR CAPITAL MANAGEMENT LLC November 19, 2013 Board of DirectorsLee Enterprises, IncorporatedDear Members of the Board of Directors: As was disclosed in a Schedule 13D filed on November 1, 2013, Lonestar Partners, L.P., an investment fund advised by Lonestar Capital Management LLC (together, “Lonestar”), owns 3.0 million shares of common stock of…

Lonestar Capital Wants Lee Enterprises to Restructure Debt

(Market Cap $153 M; Lonestar owns 5.7%)  (Form 13D) LCM commends management for generating significant operating cash flow in a difficult industry environment. LCM applauds the significant deleveraging that has taken place since the Company’s emergence from bankruptcy in January 2012, and believes that the Company has good prospects for further deleveraging.  However, LCM believes cash…

Overview of Lee Enterprises Pre-Pack Chapter 11

Summary: On December 2, 2011, Lee Enterprises announced that it had reached an agreement with a majority of its creditors on a prepackaged, Chapter 11 restructuring of its balance sheet.  The Company expects to file in Delaware on December 12.  Based upon the press release, Lee has received support to extend maturities of its debt and the deal…

Debt Swap or Bankruptcy for Lee Enterprise

(Lee Enterprise has a market cap of $36 mm and an EV of $1.1 billion) Source: WSJ; Newspaper publisher Lee Enterprises has gained support from two main lenders for a large debt-exchange offer that aims to help the company avoid filing for bankruptcy protection, said people familiar with the matter. Two main creditors, Goldman Sachs and hedge-fund…