Monday, September 14, 2009

Triple Crown Media, Filed for Chapter 11 Bankruptcy Today

DOVER, Del. — Triple Crown Media Inc., which owns daily and weekly newspapers in Georgia, on Monday became at least the 11th newspaper publisher to seek bankruptcy protection over the past year.

In a prepackaged Chapter 11 filing in U.S. Bankruptcy Court in Wilmington, the Lexington, Ky.-based company listed assets of about $33 million and liabilities of about $86 million.

Triple Crown, which operates six daily Georgia newspapers and one weekly with a total daily circulation of about 95,000, has about 330 employees. It announced early last year that it was cutting its work force by 5 percent because of the economic downturn and increased paper and fuel costs.

The company's daily newspapers are the Gwinnett Daily Post, The Albany Herald, the Rockdale Citizen, the Newton Citizen, the Clayton News-Daily and the Henry Daily Herald. It also published the Jackson Progress-Argus Weekly.

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