GateHouse Media files for Chapter 11 in Delaware

Sep 27, 2013 by Randall Chase

GateHouse Media Inc., which owns more than 400 community newspapers around the country, has filed for Chapter 11 bankruptcy protection in Delaware.

Friday's filing comes after the Fairport, N.Y.-based company announced earlier this month that it would file a prepackaged bankruptcy plan in order to restructure $1.2 billion in debt.

Under the plan, Newcastle Investment Corp., which owns 52 percent of GateHouse's outstanding secured debt, will combine GateHouse's media holdings with a batch of Dow Jones Local Media publications it recently bought from News Corp.

Newcastle will then issue stock in a new publicly traded holding company called New Media Investment Group. Holders of GateHouse secured debt could take stock in the new company or cash at 40 cents on the dollar.

Explore further: Netflix sues Yahoo CIO for alleged kickbacks

1 /5 (1 vote)
add to favorites email to friend print save as pdf

Related Stories

Reader's Digest parent seeks bankruptcy protection

Feb 18, 2013

(AP)—The parent company of Reader's Digest has filed for Chapter 11 bankruptcy protection for the second time in less than four years, saying it needs to cut its debt so it can keep restructuring.

Tribune leaves bankruptcy after 4 years

Dec 31, 2012

(AP)—Tribune Company says it has emerged from a Chapter 11 restructuring more than four years after the media company sought bankruptcy protection.

Southeastern takes 12 pct stake in News Corp.

Sep 11, 2013

Southeastern Asset Management Inc., the investment firm that along with activist investor Carl Icahn opposed the proposed buyout of Dell Inc., disclosed that it has taken a nearly 12 percent stake in News Corp.

Recommended for you

Netflix sues Yahoo CIO for alleged kickbacks

6 hours ago

Netflix is suing a former company vice president who is now chief information officer at Yahoo, accusing him of receiving money from vendors he hired to work with the video streaming company.

BlackBerry courts iPhone users with cash

Nov 25, 2014

Canadian smartphone maker BlackBerry is wooing Apple customers with a cash offer for trade-ins of iPhones for its new square-screened, keyboard-equipped Passport.

HP earnings show continued struggle

Nov 25, 2014

Venerable tech giant Hewlett-Packard has been struggling for three years to turn its business around. Its latest earnings show it still has more work ahead.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.