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Company that Owns 9 LA-Area Papers to File Ch 11 Bankruptcy
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.”
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You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
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