Boca Raton- based debtor lists $2.8 million in liabilities on its schedules.
DENVER, Jan. 22 /PRNewswire/ -- Following plans that it announced last week, Affiliated Media, Inc. today filed a "prepackaged" plan of reorganization under chapter 11 of the bankruptcy code in United States Bankruptcy Court in Delaware. As previously disclosed, the plan allows the company to undergo a financial restructuring that sharply reduces debt, boosts cash flow and offers greater financial flexibility.
Affiliated Media, Inc. is the holding company for the MediaNews Group family of newspapers, the nation's second-largest newspaper publisher by circulation and owner of 54 daily newspapers, over 100 non-daily newspapers, as well as websites, television and radio broadcasters that serve markets in 12 states.
Unlike other media company reorganizations, this one does not involve the newspaper operations or have any effect on employees or vendors of the newspapers. Only the holding company will restructure. There will be no change in management or control of MediaNews Group, which will continue to be led by William Dean Singleton, Chairman and Chief Executive Officer, and Joseph J. Lodovic IV, President.
Further, Affiliated's prepackaged plan won approval from its lenders, which means that the plan can bypass any need for negotiation or debate in court, and instead can win approval with a minimum of delay.
"We already have the support and approval of our lenders, so we expect our plan to proceed through this process swiftly and smoothly," said Mr. Singleton. "By aggressively facing the challenges of the newspaper business, we will continue to deliver high-quality journalism and will prepare our newspapers for a promising future."
SOURCE Affiliated Media, Inc.
Data replication company based in Maple Grove, MN
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Citadel Broadcasting Corporation and numerous affiliates filed for chapter 11 today at the United States Bankruptcy Court for the Southern District of New York. The debtors are the third largest radio broadcasting company in the United States, owning 224 radio stations across the country.
Las Vegas-based, Citadel Broadcasting Corporation's petition lists $1.4 billion in assets and $2.46 billion in debts.
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Based in Brighton, CO.
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ION Media Networks, Inc. filed for Chapter 11 yesterday at the US Bankruptcy Court for the Southern District of New York. The debtor, based in West Palm Beach, Florida, listed assets of $1.855 billion and liabilities of $1.936 billion.
From the debtor’s website: “ION Media Networks, Inc. owns and operates the largest U.S. broadcast television station group and ION Television, the country’s only independent broadcast television network. The Company owns 59 of its 60 full-power broadcast television stations, including stations in each of the top 20 U.S. markets and 39 of the top 50.”
The Columbian Publishing Company filed for chapter 11 on Friday at the United States Bankruptcy Court for the Western District of Washington. The debtor, based in Vancouver, WA, listed less than $10 million in assets.
The parent company of the Chicago Sun-Times filed for chapter 11 bankruptcy protection this morning at the United States Bankruptcy Court for the District of Delaware. Sun-Times Media Group, Inc. listed $479 million in assets on its petition. The largest equity security holder is listed as Hollinger Inc. of Toronto.
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