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Lee unveils refinancing plan which gives lenders 13% of company stock

on Tue, 09/20/2011 - 22:14   by Editor

As part of a plan to refinance its nearly $1 billion in debt, Lee Enterprises will give lenders 13 percent (6.744 million shares) of its common stock.

The deal announced Sept. 8 would give Lee more time to repay its long-term debt, largely the result of acquiring the St. Louis Post-Dispatch in 2005.

Lenders who will get the ownership share and a boost in interest on the refinanced debt include Goldman Sachs Lending Partners LLC, Franklin Templeton/Mutual Quest Fund and Monarch Master Funding Ltd.

Firm seeks special use permit for concrete recycling plant on State St.

on Wed, 09/07/2011 - 19:45   by Editor

The owners of Hawkeye Paving Corp. are seeking a special use permit to allow construction of a concrete recycling plant at 6001 State Street, Bettendorf.

A special use permit for the facility will be considered by the city Board of Adjustment at its meeting Thursday (9/8). The vacant site, currently owned by James Mahler of Bettendorf, is zoned general industrial (I-2).

Lee Enterprises rolls out online paywalls in Montana, Wyoming

on Wed, 08/31/2011 - 21:41   by Editor

Lee Enterprises -- owner of the Quad City Times -- rolled out paywalls for its Montana and Wyoming online newspaper sites August 1.

Even print newspaper subscribers will face charges for online access after a limit of between 15 to 20 page views a month. The charge for print subscribers ($1.95 to $2.95 per month) would be less than online only subscribers ($5 to $6.95 per month).

The online news sites' homepage, obituaries, ad content, calendars, photo galleries, classifieds and videos would not count toward the page view limits.

Isle of Capri blames flooding for poor first quarter results

on Mon, 08/29/2011 - 20:33   by Editor

Isle of Capri Casinos -- owner of Bettendorf's riverboat casino -- posted a $2.6 million first quarter loss and blamed the negative results on Mississippi River flooding that impacted five of its gambling boats.

The loss of 6 cents per share compares to a loss of 8 cents per share ($2.8 million) during the first quarter of 2010.

Isle officials in its news release August 25 estimated the impact of flooding on its earnings was more than $7 million and stated the company will be seeking reimbursement of property damage and business interruption costs from its insurance carriers.

5-year picture of MidAmerican Energy profits, electric sales

on Fri, 08/19/2011 - 21:16   by Editor

A five-year comparison of MidAmerican Energy financials shows a steady decline in profits, but the privately owned utility still earned a healthy 11.03 percent return on equity from its Iowa electric operations last year.

The utility has avoided seeking an electric rate increase since 1996 and has agreed not to increase rates through 2013 under a deal with the Iowa Utility Board (IUB).

Lee Enterprises said to be seeking debt exchange

on Fri, 08/12/2011 - 01:26   by Editor

The Wall Street Journal is reporting Lee Enterprises (owner of the Quad City Times) is asking its lenders to exchange senior debt for debt with higher interest rates and later maturity.

The plan, according to the Journal, would give Lee more time to refinance its more than $1 billion in debt which comes due in April 2012.

Under the exchange, creditors Goldman Sachs Group Inc. and Monarch Alternative Capital, could end up owning about 13 percent of Lee, according to the Journal.

Used car firm moves to new site without promised landscaping

on Thu, 07/28/2011 - 01:52   by Editor

A used car firm -- which gained reluctant approval to relocate to a highly visible site in downtown Bettendorf -- has moved to the new location without completing any of the landscaping which was part of the development's site plan.

Premier Picks Auto Sales was forced to leave its location in the 1400 block of State Street because of the new Interstate 74 Bridge and related downtown street improvements.

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