* Moody’s Downgrades GateHouse On ‘Likelihood’ Of Default
GateHouse Media is likely to default under its credit agreement unless it can negotiate an amendment to its covenants or get a cash injection from its largest stakeholder, Moody’s Investor Service says in a report downgrading the community newspaper publisher’s credit and probability of default ratings.
Moody’s downgraded GateHouse’s Corporate Family rating to Caa1 from B2. Under Moody’s definition, the new rating signifies a “substantial risk” of default.
Moody’s also downgraded its Probability of Default rating to Caa2 from B3.
* GateHouse Media cut to Caa1: Outlook negative - Moody’s
* News business is news-worthy
* Chicagoans happier with their city than Parisians, New Yorkers
* Chicago Lay-Offs a Possibility in Bleak 2009 Budget Picture
* Daley mum on budget shortfall specifics
Daley cited the national economic downturn as the reason he won’t release the city’s preliminary budget numbers to the city clerk by the deadline.
* Trash talk
Under Daley’s plan, the city would be divided into 10 to 20 “franchise areas,” each with a single hauler. Instead of choosing private companies to pick up their waste as they do now, businesses and institutions would be stuck with whatever company the Daley administration picks for them. For seven years.
Let’s see if we have this right: The mayor wants to usurp business owners’ choice, bestow monopolies on 10 to 20 lucky contractors and invite the usual abuses that inevitably occur when lucrative city contracts are in play. What part of this is good for the citizens of Chicago?
* Barking up the wrong tree
This year’s anti-pit-bull measure is a benevolent-sounding proposal to require that dogs (and cats) older than 6 months be spayed or neutered. The City Council got a lot of attention on Tuesday when former TV game show host Bob Barker showed up to talk in favor of the idea.
* Report: Illinois beaches 1st in bacteria levels
* GOP ‘Agenda for Action’ more wish list than blueprint
The Illinois House Republican “Agenda for Action” is a lot like a child’s Christmas list: There are a lot of good things on it, but the likelihood of getting them all is small.
* Lake County Radio Personalities Debate Pros and Cons of a Constitutional Convention
* Meth Coffee fails to amuse Madigan
* Decision to charge piano owners in Birkett’s hands
* Peraica donors include felons
* Alvarez, Peraica still trading barbs on questionable donors
* Peraica giving back donations
* Misspellings, grammar errors put county mag on ice
But county officials have the final say on what’s published. And Tracy accepted $24,999 from Stroger’s administration last November to launch the magazine — $1 under the amount that would have required the approval of the full Cook County Board.
* Pat Cassidy leaves WBBM-AM 780
* Politics Is National in Local Web Campaign
* Billing snafus led to some CTA overcharges
* Metra looking out for the Southland