Affiliated Media Launches Prepackaged Ch. 11

Law360, New York (January 22, 2010, 5:58 PM EST) -- The holding company for MediaNews Group — the U.S.’ second-largest newspaper chain by circulation — filed a prepackaged Chapter 11 plan Friday that aims to sharply reduce its debt by providing for debt-for-equity swaps.

The company's voluntary bankruptcy petition, filed in the U.S. Bankruptcy Court for the District of Delaware, comes after the company won the support of its senior lenders to trade their debt for equity, allowing the reorganization plan to bypass any need for negotiation or debate in court, Affiliated Media said.

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