MediaNews Group Inc. to file Chapter 11
Media News Group Inc., the holding company for such news sources as the Denver Post and the San Jose Mercury News plans to file Chapter 11 bankruptcy. According to Fox News, Affiliated Media Inc. said that it will file a prepackaged plan already approved by the lenders to expedite the Chapter 11 process.
MediaNews Group Chairman and CEO William Dean Singleton noted that MediaNews’ management and newspaper operations, employees and vendors won’t be affected by the holding company’s restructuring due to the bankruptcy. An actual date for their Chapter 11 bankruptcy filing has not been set.
Under the plan, company debt would fall from about $930 million to $165 million and senior lenders would swap debt for stock. The group of 116 lenders led by Bank of America would hold a majority of stock but not voting control.
This would mark at least the 13th bankruptcy filing by a U.S. newspaper publisher in the past 13 months.
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