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Rumor: Seattle Times Considering Bankruptcy

By Josh Feit October 8, 2009

We're hearing chatter (once again) that the Seattle Times is considering filing for bankruptcy reorganization.

If true, word is the Times isn't looking at any major changes or additional layoffs, but merely looking to stabilize its financial situation.

Of course, declaring bankruptcy would likely open up the Seattle Times' long-confidential books to the public. It would also raise questions about whether their lenders have run out of patience. Finally, it would raise questions about whether the Times would seek more concessions from their unionized employees. (In addition to laying off about 500 employees in the last two years, they've already won significant wage concessions from the newspaper guild.)

Also if true, this glowing New York Times story published in early August about the Seattle Times would look pretty silly.

Seattle Times spokeswoman Jill Mackie said she could not comment on rumors.
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