Promotora de Informaciones SA of Spain, after a costly and ill-timed expansion drive at home and abroad Shox Rhythmic during Spain's boom years, is now intensifying efforts to unload assets and attract investors to cut debt and generate cash flow. Prisa's challenges arise from the debt-fueled growth Spanish companies embraced before the financial crisis. The credit crunch sparked a dramatic drop in revenue as Spain slid into recession, forcing Prisa to come up with plans to sell prized assets at the worst possible time. "We've suffered from the global financial crisis, a structural crisis at the company level and a crisis in the media sector," Chief Executive Juan Luis Cebrián said during an interview. "We took on more debt than we expected when the markets crashed," he said. At the end of 2007, Prisa launched a bid to consolidate control of TV unit Sogecable, Shox Vivacityoffering a generous premium just before global markets staged a broad correction. The change in market conditions prompted key shareholders, such as telecommunications giant Telefónica SA, to sell their shares. Last year, Prisa tried to sell Sogecable's flagship satellite pay-TV unit Digital+, but rejected offers as too low. Prisa's board and Spain's Polanco family own roughly 70% of the company. As such, they have room to dilute their stakes if they need to raise more capital by luring potential partners. Mr. Cebrián said Prisa's main focus now is how to "achieve reasonable debt levels through p air shox artial divestments," hoping to complete significant sales and sign up new partners by year end. Prisa's debt totals about €5 billion, or approximately $7.3 billion. A key date on the company's calendar is March 31, when nearly €2 billion in debt is due. Prisa already has renegotiated several extensions with its creditor banks. Compounding the company's woes, Prisa's grip on the pay-TV market and football broadcast rights has weakened considerably in favor of Barcelona-based production and media company Mediapro, which is widely seen as benefiting from its ties to Spain's socialist government. It remains to be seen if Mr. Cebrián is the appropriate manager to succeed long-time Prisa Chairman Jesús jordan 11 sneaker de Polanco, who died in July 2007, just as Prisa was entering a critical expansion phase and right before the financial crash. Seen as one of the doyens of modern journalism in Spain, Mr. Cebrián, 64 years old, led El País for more than a decade during Spain's key democratic transition. At the time of its creation, El País was among the few leading publications offering alternative, center-left editorial analysis. Prisa's decline in market value has been extreme, dropping to €850 million at present from nearly €3 billion two years ago. Earlier this year, its liquidity squeeze was so dramatic that it was forced to delay wage payments. Mr. Cebrián said the lack of credit affected all companies, and added that liquidity issues Jordan Sneakershad been sorted out. The company is moving forward with plans to sell minority stakes in Portuguese media unit Media Capital or its publishing division Santillana, he said.

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