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Part II of Times Mirror’s 1999 Form 10-K contained, among
other information, management’s discussion and analysis of the
company’s financial condition and results of operations, audited
consolidated financial statements for Times Mirror, and the notes
to the company’s consolidated financial statements. The portion
of part II that comprised management’s discussion and analysis of
Times Mirror’s financial condition and results of operations
contained the following statements:
Overview
* * * * * * *
1999 Recapitalization
In September 1999, the Company completed a
recapitalization transaction with its largest
shareholders, the Chandler Trusts, in which the
Company, including certain of its affiliates, and the
Chandler Trusts each contributed assets worth
$1.24 billion to TMCT II, LLC, a newly formed limited
liability company. The 1999 recapitalization resulted
in a net effective reduction, for financial reporting
purposes, in the number of shares of the Series A and C
common stocks by 12.4 million shares and in the
Company’s Series C-1 and C-2 preferred stocks by
501,000 shares. * * *
* * * * * * *
Liquidity and Capital Resources
* * * In 1999, funds from the Company’s
investment affiliates created as part of the 1998
divestitures of the Company’s legal and medical
publishing businesses, as well as proceeds from new
debt issuances were used to finance the 1999
recapitalization and acquisitions. In the second half
of 1998, the company utilized a portion of the
investment affiliates resources for share purchases and
acquisitions. * * *
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