The good news, says the Indianapolis Business Journal, is that only a tiny fraction of that debt (about $4 million) is due in the next year. But Emmis at some point will need to re-do its long-term debt, and this is a very tough environment for borrowers. Emmis reported a loss of $3.9 million in the latest fiscal quarter, on revenue of just over $60 million. The preferred stockholders who helped stymie Jeff Smulyan’s effort to take Emmis private might have been looking at the $90 million enterprise value that his offer put on the company. But as the IBJ points out, it still must service a large debtload.