Magazine article Editor & Publisher

AP Charts, and Updates, All of the Major Newspaper Bankruptcies

Magazine article Editor & Publisher

AP Charts, and Updates, All of the Major Newspaper Bankruptcies

Article excerpt

Status of some of the newspaper publishers that have filed for bankruptcy protection:

-- Star Tribune Holdings Corp. -- Heavy debt from Avista Capital Partners' 2007 purchase of Star Tribune prompted Jan. 15 bankruptcy filing. Under reorganization plan, $490 million of debt to senior lenders would be reduced to about $100 million when the newspaper emerges from Chapter 11 at the end of September. The main lenders -- led by investment group Angelo, Gordon & Co. -- would become new owners and choose new management. All 10 unions agreed to concessions.

-- Tribune Co. -- The owner of the Los Angeles Times, Chicago Tribune, other daily newspapers and TV stations sought Chapter 11 protection in December, burdened by $13 billion in debt, most from a complex buyout in which Sam Zell took the company private in 2007. Architects of the buyout had made overly optimistic projections for ad revenue. A sale of Chicago Cubs awaits approval by a federal bankruptcy judge in Wilmington, Del., and by Major League Baseball. Tribune has yet to file a reorganization plan.

-- Sun-Times Media Group Inc. -- The owner of the Chicago Sun-Times and suburban newspapers filed for bankruptcy protection in March. A private investor group led by Chicago banker James Tyree has agreed to bid $5 million in cash for the company's assets and would assume about $20 million in liabilities. The so-called "stalking horse" bid is contingent on no other higher bidder coming forward, as well as agreement from unions and a judge's approval.

-- Philadelphia Newspapers LLC -- Creditors are trying to take control of The Philadelphia Inquirer and Philadelphia Daily News and have hired Bob Hall, a longtime publisher of the two daily newspapers, as an adviser. It's been a hard-fought Chapter 11 case, begun in February, with Philadelphia Newspapers proposing to shed most of its $400 million in debt by repurchasing the company through a bankruptcy auction for about 22 cents on the dollar. …

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