The Star-Tribune, citing sagging revenues from print advertising run-off, has declined to make payments on some junior debt – the business equivalent of second mortgage. Chief executive Chris Harte had this to say:
"If we can restructure this debt, we still have a very viable [business],"
No kidding Chris! Many homeowners feel exactly the same way, just replace "business" with household budget.
Noticeably absent is any moralistic intonation about obligations to repay debts as agreed – that attidude is apparently reserved for private citizens. For businesses, periodic delinquency is just business as usual.