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DAILY NEWS SECURES DEBTOR-IN-POSSESSION FINANCING

 DAILY NEWS SECURES DEBTOR-IN-POSSESSION FINANCING
 NEW YORK, Jan. 14 /PRNewswire/ -- The Daily News announced today


that it has secured Debtor-In-Possession financing from Sterling National Bank & Trust Company of New York in the amount of $10 million.
 "This financing, in addition to the $8 million already on-hand, will enable The News to return to normal credit terms with suppliers and provide working capital to assure the business's ability to operate under all circumstances," said James Willse, The News' editor and publisher. "Our primary objective is to return to normal trade credit terms with our suppliers and vendors."
 This $10 million credit facility is subject to the drafting of final loan papers and approval by the Bankruptcy Court.
 Founded in 1929, Sterling has assisted businesses in the reorganization and restructuring of their operations for over 25 years.
 -0- 1/14/92
 /CONTACT: John Campi of The Daily News, 212-210-1925/ CO: The Daily News


ST: New York IN: PUB SU: FNC SM-SH -- NY056 -- 9634 01/14/92 14:56 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jan 14, 1992
Words:167
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