PARKER : WPP GROUP PLC TO MISS DEBT COVENANTS
December 9, 2008
George Parker is reporting that WPP group plc could breach its debt covenants in the first half of next year if the ad environment continues to worsen.
The post located here spilled the beans. This is exactly what caught our eye on the post:
“There is big concern among analysts that WPP is overleveraged after the recent TNS purchase for a few billion. Reports out of Europe suggest that WPP could breach its debt covenants in the first half of next year if the ad environment continues to worsen. Which as we all fucking know, it will! Unlike Maurice and Charlie making their comeback of a few years ago, the climate is so poisoned now, Sorrel could go down in flames very rapidly…”
There you have it people, WPP group plc being rumored to head to default if things continue to go badly. This is bad… really bad.
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