Affiliated Media Inc., the holding company for the MediaNews Group of newspapers, based in Denver, said Friday it has reached a deal with its creditors to carry out a pre-packaged Chapter 11 bankruptcy as part of a financial restructuring, the News reported. The company said in a statement that the reorganization won't affect newspaper operations and is being done to reduce Affiliated Media's debt by about $765 million to $165 million through a debt-for-equity swap.
Saturday, January 16, 2010
Denver Post, Salt Lake Tribune in Chapter 11 filing
Affiliated Media Inc., the holding company for the MediaNews Group of newspapers, based in Denver, said Friday it has reached a deal with its creditors to carry out a pre-packaged Chapter 11 bankruptcy as part of a financial restructuring, the News reported. The company said in a statement that the reorganization won't affect newspaper operations and is being done to reduce Affiliated Media's debt by about $765 million to $165 million through a debt-for-equity swap.
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