Saturday, July 2, 2011

State bails out Claremont Eagle Times with loan guarantee

November 8, 2009 by Patrick  
Filed under Business, HP_Featured, State House

Kevin Landrigan of the Nashua Telegraph reports on a decision this week by the state’s Executive Council to guarantee a loan of $250,000 to a bankrupt newspaper that is now owned by an out-of-state media company.

NowHampshire.com has inquired as to whether the newspaper will be covering Executive Council races in the 2010 election. We await a reply.

Sign of the Times

The council approved a state guarantee loan of up to $250,000 for the new publishers of the resurrected Claremont Eagle Times.

The loan is for working capital for Eagle Printing and Publishing, the company linked to the Pennsylvania media group that emerged as the suitor after its previous ownership sought bankruptcy protection four months ago.

The lenders will pay an interest rate of 5 percent for the first year and following that, the prime lending rate plus 1.25 percent.

For its part, the guarantee makes the state liable for up to 75 percent of any amount on which the group defaults.

Comments

5 Responses to “State bails out Claremont Eagle Times with loan guarantee”
  1. john b. says:

    i already e-mailed the gov. and my councilor asking them where in the state constitution they derived this power, awaiting reply. i can see that article 38 would deny it on the grounds of frugality, oh but wait, i’m just an ordinary commoner and i probably don’t understand!

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