Tuesday, January 20, 2009

Mexican billionaire borrow New York Times 250 million dollars.

Mexican billionaire Carlos Slim will provide the publishing house of New York Times Company a loan of 250 million dollars, reports AFP.

In a statement distributed by the publishing house on Monday evening, said that this amount will be provided Slimu bonds maturing in six years, with 14 per cent income.

Previously, it was reported that Slim, which owns 6.4 percent of the shares in New York Times Company, intends to increase its share of the publishing house, faced with financial difficulties.

At the end of September 2008, the debt of the publishing house was estimated at 1.1 billion dollars, and money New York Times Company did not exceed 46 million.

Carlos Slim, claiming the title in the richest man in the world, in September 2008 bought a 6.4 percent stake New York Times Company for 118 million dollars. At the beginning of 2009, the value of Slimu owned shares in the publishing house declined almost by half.

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