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GateHouse Media Disclosure Statement Approved, Plan Confirmed

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The U.S. Bankruptcy Court issued an order approving GateHouse Media’s Disclosure Statement and concurrently confirming its Joint Prepackaged Plan of Reorganization. According to the documents filed with the Court, “The prepackaged plan proposes a ‘balance-sheet restructuring,’ by which GateHouse will emerge from bankruptcy with much less debt on its balance sheet, but with its business operations completely intact. Upon emergence, [the Company] will be under common ownership with Local Media Group, a company with a strong community media presence and performance that operates eight daily community newspapers and thirteen weeklies.” This publisher of online and print media filed for Chapter 11 protection on September 27, 2013, listing $470 million in pre-petition assets.

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