Recovery Report: American Media Inc.'s Recovery Rating Profile Jan 12
Standard & Poors, January 2012
Abstract
We are updating our recovery analysis on U.S. publisher American Media Inc. as part of our ongoing surveillance. Our simulated default scenario contemplates a default in 2015 resulting from steep declines in tabloid circulation revenues and lower magazine revenues and cash flows. Key drivers are the shift of ad spending and consumer preferences to digital or online distribution channels that do not generate sufficient earnings to offset the declines in print publication earnings. Our simulated default scenario also assumes that the company reorganizes or sells its publications in bankruptcy. As of Sept. 30, 2011, American Media Operations Inc.'s debt capitalization consisted of about $482 million of secured debt ($365 million first-lien senior secured notes, $12.5 million outstanding under the company's...
Companies mentioned in this report are: American Media Inc.
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Research Type: Full Analysis
American Media Inc.
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