MediaNews Group files for bankruptcy
Posted by Leah McBride Mensching on January 25, 2010 at 12:34 PM
The holding company for MediaNews Group, publisher of The Denver Post, San Jose Mercury News and 52 other daily publications, has filed for bankruptcy, Editor and Publisher reports.
Affiliated Media Inc., the privately held parent company for the publisher, expects to emerge from bankruptcy in one or two months. It has said that it has a deal with creditors to reduce its $930 million debt to $165 million. Lenders including Bank of America would get most of the company's stock, wiping out shareholders such as Hearst Corp. A bankruptcy court in Delaware still has to approve the plan.
For more on this story, visit our sister publication, editorsweblog.org.
Affiliated Media Inc., the privately held parent company for the publisher, expects to emerge from bankruptcy in one or two months. It has said that it has a deal with creditors to reduce its $930 million debt to $165 million. Lenders including Bank of America would get most of the company's stock, wiping out shareholders such as Hearst Corp. A bankruptcy court in Delaware still has to approve the plan.
For more on this story, visit our sister publication, editorsweblog.org.
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