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.
About Ben Schlafman
Ben Schlafman is a University of Rhode Island graduate in Political Science and Marketing who got his start selling and promoting bankruptcy and distressed data products for New Generation Research, Inc. With over 8 years of hands on experience in the bankruptcy and distressed sectors, Ben writes, manages and supports an array of restructuring products under the New Generation Research umbrella.