Va. Publisher Files For Ch. 11, Eyes Sale To Sandton

Law360, New York (January 23, 2014, 6:04 PM ET) -- The Virginia publishing company behind The Free Lance-Star newspaper and four radio stations filed for Chapter 11 on Thursday, citing declining circulation and advertising revenue as factors that led to the demise of the nearly 130-year-old, family-owned media company.

The Free Lance-Star Publishing Co. said in its petition that the local media company has between $50 million and $100 million in debt, and about the same amount in assets. Sandton Capital Partners, which owns a significant portion of the company’s debt, is a potential buyer, according...
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