Monday, March 22, 2010

Singleton's MediaNews Group Emerges From Bankruptcy

CHICAGO MediaNews Group’s holding company said Friday it is out of Chapter 11 bankruptcy protection.

On Jan. 22, the parent of The Denver Post and 53 other dailies filed a so-called prepackaged bankruptcy that had been approved in advance by its lenders.

Under the plan, confirmed March 4 by a U.S. Bankruptcy judge in Delaware, the debt of Affiliated Media, the newspaper group holding company, drops to approximately $165 million from $930 million to approximately $165 million.

Secured lenders exchanged their debt for an 89% stake in the company, but Chairman William Dean Singleton remains in control of the chain with the power to appoint four of the seven directors.

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