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Save the Paper, Leverage the Land

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Another media company looking to raise cash via its property/land: According to Crosscut, the Seattle Times Co., which owes its lenders at least $91 million, "has agreed to put up three remaining parcels of its South Lake Union real estate holdings as collateral for the debt. Under the agreement, the banks will hold a lien on the land until the Times Co. debt is paid." This news follows yesterday's announcement that the New York Times will borrow as much as $225 million against its new Renzo Piano-designed building, and of course, the news that Tribune Co., which was at one point looking into selling the LA Times downtown headquarters, was declaring bankruptcy. [CrossCut]