Fortress-Owned GateHouse Media Enters Debt Talks

Law360, New York (March 25, 2013, 5:23 PM EDT) -- Fortress Investment Group LLC-owned newspaper company GateHouse Media Inc. has entered talks with attorneys at Cleary Gottlieb Steen & Hamilton LLP in an effort to restructure $1.2 billion in debt and avoid bankruptcy, according to a Monday news report.

The Fairport, N.Y.-based company is asking creditors to either forgive their debt in exchange for some ownership in a reorganized company, or accept payments of 33 cents for every dollar they are owed, according to the Wall Street Journal.

The company is trying to rework all of...
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