New York - The New York Times Co. (NYSE: NYT) plans to borrow up to $225 million against its mid-Manhattan headquarters building, "to ease a potential cash flow squeeze as the company grapples with tighter credit and shrinking profits," the company announced on Monday.

The company owns 58% of the 52-story, 1.5 million-square-foot tower on Eighth Avenue.

Its portion of the building is not currently mortgaged, and some investors have complained that the company has too much of its capital tied up in that real estate, according to the report.

"Analysts have said for months that selling or borrowing against assets would be the company's best option for averting a cash flow problem next year," the report said.

Related Links:
http://www.nytimes.com/2008/12/08/business/media/08times.html