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Another newspaper chain is headed for Chapter 11 bankruptcy. Affiliated Media, holding company for MediaNews Group, plans to file for a prepackaged Chapter 11 bankruptcy. The company is controlled by William Dean Singleton. Despite the company's ailing finances, there were rumors that Singleton might be in the running for the Union-Tribune before it was sold last spring. The company publishes the Denver Post and some Southern California papers including the Daily News in Los Angeles, the Long Beach Press-Telegram, the Daily Breeze in Torrance and the Pasadena Star-News. The Torrance paper was once part of Copley Press, former owner of the Union-Tribune. MediaNews claims that the bankruptcy, which has the approval of the company's lenders, will not affect newspaper operations. The lenders will accept equity in the company for the debt they hold. The company's debt should be reduced from $930 million to $165 million. Among the other newspapers and chains that have gone into the tank are Tribune Co., publisher of the Los Angeles Times; Sun-Times Media Group; Freedom Communications, publisher of the Orange County Register, and the Minneapolis Star-Tribune.
Another newspaper chain is headed for Chapter 11 bankruptcy. Affiliated Media, holding company for MediaNews Group, plans to file for a prepackaged Chapter 11 bankruptcy. The company is controlled by William Dean Singleton. Despite the company's ailing finances, there were rumors that Singleton might be in the running for the Union-Tribune before it was sold last spring. The company publishes the Denver Post and some Southern California papers including the Daily News in Los Angeles, the Long Beach Press-Telegram, the Daily Breeze in Torrance and the Pasadena Star-News. The Torrance paper was once part of Copley Press, former owner of the Union-Tribune. MediaNews claims that the bankruptcy, which has the approval of the company's lenders, will not affect newspaper operations. The lenders will accept equity in the company for the debt they hold. The company's debt should be reduced from $930 million to $165 million. Among the other newspapers and chains that have gone into the tank are Tribune Co., publisher of the Los Angeles Times; Sun-Times Media Group; Freedom Communications, publisher of the Orange County Register, and the Minneapolis Star-Tribune.