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Company that Owns 9 LA-Area Papers to File Ch 11 Bankruptcy

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The company that owns nine Los Angeles-area newspapers, including the Los Angeles Daily News, Long Beach Press-Telegram, The Daily Breeze and the Pasadena Star-News will be filing "a pre-packaged Chapter 11 bankruptcy" according to the OC Register. Affiliated Media Inc. announced their plan to reorganize yesterday, and that "the holding company’s lenders have agreed to swap debt for equity." As part of the deal their debt will be reduced "from $930 million to $165 million." Affiliated's CEO said the solution is part of their "search for a new model that reflects the realities of today’s changing newspaper environment," and gives them "breathing space to create a new model for the newspapers [they] publish.”