Chapter 11 Alert: GateHouse Media, Inc.

GateHouse Media, Inc. and numerous affiliates filed for Chapter 11 today at the United States Bankruptcy Court in Wilmington, Delaware.  The Fairport, New York-based publisher's Chapter 11 Petition lists approximately $434 million in assets and $1.28 million in debts.

According to the Debtors' Declaration, the Debtors operate in 21 states with core products including 78 daily newspapers, 235 weekly newspapers, 91 shoppers, 343 locally focused websites, 313 mobile sites and six yellow page directories.  Revenues in 2012 were approximately $491 million.  The Debtors employ 4361 people. GateHouse Media, Inc. attributes the Chapter 11 filing to the global economic recession and "the increasing competition from the internet as a news source and advertising medium".

According to the Debtors'  Plan of Reorganization, equity holders of GateHouse Media will have their equity interests cancelled and receive their pro rata share of New Media Warrants.

The Debtors intend to retain Houlihan Lokey Capital, Inc as financial advisor and Young Conaway Stargatt & Taylor, LLP as counsel.

Sanibel Sundial Partners, LLC Files For Chapter 11

• Debtor Name:  Sanibel Sundial Partners, LLC
• Year Filed:  2013
• Jurisdiction:  United States Bankruptcy Court / Middle District of Florida
• Asset Size:  Less than 10,000,000
• Case Number:  13-12826
• Industry:  Entertainment/Recreation, Lodging

The Sanibel, Florida-based resort is represented by Stichter, Riedel, Blain & Prosser, P.A.

Chapter 15 Alert: Lone Pine Resources Inc.

• Debtor Name:  Lone Pine Resources Inc.
• Year Filed:  2013
• Jurisdiction:  United States Bankruptcy Court / District of Delaware
• Asset Size:  10,000,000 to 100,000,000
• Case Number:  13-12487
• Industry:  Oil/Gas, Energy, Chapter 15 Proceeding

Based in Calgary, Alberta, Lone Pine Resources Inc. is engaged in the exploration and development of natural gas and light oil in Canada. 

On September 25, 2013, the Debtors commenced a CCAA Proceeding in Canada.

Need to monitor new oil/gas bankruptcies?   Let us help.  Contact Fowler in Houston at 713-600-1500 or [email protected]

 

Montana Midwest, Inc. Files For Chapter 11

• Debtor Name:  Montana Midwest, Inc.
• Year Filed:  2013
• Jurisdiction:  United States Bankruptcy Court / District of South Dakota
• Asset Size:  Less than 10,000,000
• Case Number:  13-50270
• Industry:  Transportation, Trucking

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