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U.S. newspaper group to file bankruptcy (publisher of 51 daily papers)
UPI ^ | Jan. 16, 2010 | UPI

Posted on 01/16/2010 9:30:40 AM PST by opentalk

The publisher of the Denver Post, The Detroit News, the Salt Lake Tribune and 51 other daily newspapers says it will declare bankruptcy.

Affiliated Media Inc., the holding company for the MediaNews Group of newspapers, based in Denver, said Friday it has reached a deal with its senior 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.

"In contrast with most filings, where creditors may oppose the proposed plan of reorganization, a prepackaged filing means that affected creditors have already seen and accepted the plan prior to the time it is filed, so that it can proceed with little debate or negotiation, and can swiftly win approval from the court," the statement said.

"This step will put us on a positive financial path and won't have any impact in Detroit or at any of the other MediaNews Group newspapers," Jonathan Wolman, editor and publisher of The Detroit News, said.


TOPICS: Business/Economy
KEYWORDS: bankruptcy; economy; media; newspapers
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1 posted on 01/16/2010 9:30:41 AM PST by opentalk
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To: opentalk

What happened to the obligatory “Dinosaur Death Watch”?


2 posted on 01/16/2010 9:33:48 AM PST by shineon
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To: opentalk

Thanks for NOT putting the ignoramus Dinosaur Media Deathwatch commentary in the title.


3 posted on 01/16/2010 9:35:18 AM PST by EveningStar (Karl Marx is not one of our Founding Fathers.)
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To: shineon

See post #3. :)


4 posted on 01/16/2010 9:36:17 AM PST by EveningStar (Karl Marx is not one of our Founding Fathers.)
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Comment #5 Removed by Moderator

To: EveningStar; opentalk

I like the Dinosaur Death watch myself. With that said, The Detroit News closing sort of makes that place like a black hole. With no information leaving.


6 posted on 01/16/2010 9:41:42 AM PST by BipolarBob (My bodyguard is a 6'3" pooka named Harvey.)
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To: opentalk
Watch out for a Soros rescue.

51 daily newspapers has to be enticing to him.

7 posted on 01/16/2010 10:02:04 AM PST by Zeneta (Do you want to be a little plastic soldier in someone else's dirt war ?)
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To: opentalk
Watch out for a Soros rescue.

51 daily newspapers has to be enticing to him.

8 posted on 01/16/2010 10:02:27 AM PST by Zeneta (Do you want to be a little plastic soldier in someone else's dirt war ?)
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To: BipolarBob

The article says they are reorganizing not closing. This bankrupty is to dump some of their debt but they are not going out of business.


9 posted on 01/16/2010 10:03:23 AM PST by PhiKapMom (Mary Fallin - OK Gov/Rick Perry - TX Gov/Coburn/Rubio - Senate 2010 !)
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To: opentalk

The only people making money on newspapers these days are lawyers!


10 posted on 01/16/2010 10:03:26 AM PST by almost done by half
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To: BipolarBob
I like the Dinosaur Death watch myself. With that said, The Detroit News closing sort of makes that place like a black hole. With no information leaving.

You are bipolar but you should read the story.

No papers will close, this is just an equity for debt swap.

Creditors will take stock for debt and they have already agreed to the deal.

They probably think this is better than nothing.

11 posted on 01/16/2010 10:06:07 AM PST by USS Alaska (Nuke the terrorist savages - In Honor of Standing Wolf)
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To: USS Alaska
You are bipolar but you should read the story.

You are not the first to make this observation so I guess I should give it some credence.

12 posted on 01/16/2010 10:12:30 AM PST by BipolarBob (My bodyguard is a 6'3" pooka named Harvey.)
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To: USS Alaska
You are bipolar but you should read the story.

ROFL

13 posted on 01/16/2010 10:16:45 AM PST by Extremely Extreme Extremist
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To: opentalk

Well, perhaps this dinosaur isn’t dying yet. But it’s another signpost on the journey. I certainly have no objection to the Dynosaur Deathwatch label. After all, one object is to try to get through their impenitrable skulls. I don’t want newspapers to die. It would be better if they woke up and started reporting the NEWS again. But if they don’t wake up, they’ll certainly die.


14 posted on 01/16/2010 10:40:18 AM PST by Cicero (Marcus Tullius)
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To: shineon; abb

Paging ABB, Paging ABB...


15 posted on 01/16/2010 10:42:33 AM PST by bert (K.E. N.P. +12 . Tax the poor. They are a drag on society)
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To: EveningStar

Did the paper you write for already fold?


16 posted on 01/16/2010 10:45:05 AM PST by bert (K.E. N.P. +12 . Tax the poor. They are a drag on society)
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To: EveningStar

Did the paper you write for already fold?


17 posted on 01/16/2010 10:45:11 AM PST by bert (K.E. N.P. +12 . Tax the poor. They are a drag on society)
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To: USS Alaska
They probably think this is better than nothing.

A second bankruptcy is just a matter of time and the new equity holders will get nothing just like the old equity holders. They would be better off staying bond holders and going through liquidation if they want to get something. MBAs are taught how to take off and fly a business, but no one knows how to land. They always fly until there's no more fuel then crash straight down into the ground with no survivors.

18 posted on 01/16/2010 10:57:04 AM PST by Reeses
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To: bert

19 posted on 01/16/2010 11:00:32 AM PST by shineon
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To: shineon

LOL!


20 posted on 01/16/2010 11:02:16 AM PST by opentalk
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