Wednesday, April 23, 2008

Oh dear.

Ouch. Was it something I said?

The Gwinnett Daily Post's corporate owner told investors Monday that it was in danger of being dropped from the NASDAQ stock exchange.

Triple Crown Media Inc. announced that it had received notice from NASDAQ officials on April 15 that the company had dropped below the exchange's $15 million minimum market capitalization requirement. Triple Crown Media will be delisted unless it raises its stock price high enough for 10 consecutive days by July 14, the company said in a news release.

Triple Crown Media carries about $82 million in debt, according to the company's latest quarterly financial report.

Standard & Poor's Ratings Services lowered Triple Crown Media's corporate credit rating in February to CCC+ — or junk bond status — from a B rating.