MediaNews' holding company to file 'prepackaged' bankruptcy
Posted by Leah McBride Mensching on January 15, 2010 at 4:22 PM
Affiliated Media Inc., the holding
company for U.S. publisher MediaNews Group, will restructure the
company's debt in a "prepackaged" Chapter 11 bankruptcy filing,
The Salt Lake Tribune reported. Debt will be cut from about US$930
million to $165 million, and senior lenders will be given equity.
MediaNews Group publishes 54 daily newspapers, including The Tribune and the Denver Post, as well as 100 non-dailies.
MediaNews Group publishes 54 daily newspapers, including The Tribune and the Denver Post, as well as 100 non-dailies.
CEO William Dean Singleton said day-to-day operations won't be affected, and the company has enough cash to cover its operations. Under the restructuring, management will also be allowed to own 20 percent of the company, The Associated Press reported.
On Wednesday, U.S. company Morris Publishing Group, also announced it would also file a prepackaged bankruptcy plan, which will cut its debt load of $415 million by 70 percent, the Juneau Empire reported.
On Wednesday, U.S. company Morris Publishing Group, also announced it would also file a prepackaged bankruptcy plan, which will cut its debt load of $415 million by 70 percent, the Juneau Empire reported.
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