In Business This Week
THE POST'S PUBLISHER RUNS FOR COVER
Unlike Donald Trump, he has never clamored for attention. But around New York, Peter Kalikow is a big wheel in real estate. Now, the city's depressed real estate market has hit Kalikow where it hurts: On Aug. 20, the third-generation developer was forced to file for Chapter 11 bankruptcy protection.
Kalikow, publisher of the tabloid New York Post, lists a net worth of more than $400 million. But he has more than $1 billion in debt, and some of his bankers were unwilling to accept proposals to renegotiate a big chunk of it this summer. His unsecured creditors include Bankers Trust, due $46 million, and Bergdorf Goodman, owed $107,000 for credit-card purchases. A spokesman insists the Post will be unaffected.EDITED BY PETER FINCH