MediaNews’ Parent Company Does File For Ch 11; Out in Month or Two

Dean Singleton

Affiliated Media, the holding company for newspaper chain MediaNews Group, has filed for Chapter 11 bankruptcy protection, as it announced last week. This is a pre-packaged bankruptcy, meaning its lenders are all in agreement, and will reduce the $930 million debt to a more manageable $165 million. None of the newspaper will be affected, and Dean Singleton will remain chairman and CEO. Singleton and the company’s president, Joseph J. Lodovic IV, will own all class A shares, allowing them to choose a majority of the seven-member board of directors, reports AP.

“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,” Singleton sense with no sense of irony.

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