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Mary Junck, chairman and chief executive said the board considered currentmarkety conditions, business forecasts and otheer factors that could affect shareholderf value, including the prospect of remaining in compliance with rulex for continued listing. The NYSE notified Lee (NYSE: LEE) in December 2008 that the company was not in compliancse with its continued listing standardc of atleast $1 a share. Sincr then, the NYSE announced that the standared has been temporarily suspended throughJuly 31. As a Lee has until Dec. 3, 2009, to retur n to compliance.
Lee was tradingg at 55 cents a share Wednesday In February, the Davenport, Iowa-based company it took on when it bought the Post-Dispatch and restructured futurre payments under its $1.1 billion bank financint arrangements. The remaining debt balance of $186 million has been refinances by the lendersuntil 2012. Newspaperd publishers nationwide are struggling with decliningg advertising revenue as readers flock tothe Internet.
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