MediaNews parent files for Chapter 11 protection
William Dean Singleton, chief executive of MediaNews Group Inc., outside one of his papers, the San Jose Mercury News in San Jose, Calif. Singleton's media holding company has filed for Chapter 11 protection. In addition to the Mercury News, the company owns the Denver Post, 52 other newspapers and 120 nondaily publications in 13 states, according to Singleton's company profile. (April 26, 2006) Credit: AP, 2006
The holding company for newspaper publisher MediaNews Group is filing for Chapter 11 protection.
The owner of The Denver Post, San Jose Mercury News, 52 other daily newspapers and 120 nondaily publications had said Jan. 15 it would be making the move. It said it had a deal with creditors that will cut its debt to $165 million from $930 million.
Lenders led by Bank of America would get most of the company's stock. But the company says its newspapers will not be affected and William Dean Singleton will keep control of the company. A bankruptcy court in Delaware has to approve the plan.
The filing is one of more than a dozen in the newspaper industry since late 2008.
Publishers battered by the recession have struggled to manage debts left over from acquisitions they made in better times.
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