St. Louis Post-Dispatch Publisher Heads Into Ch. 11

Law360, Wilmington (December 12, 2011, 8:01 PM EST) -- Lee Enterprises Inc., publisher of the St. Louis Post-Dispatch and dozens of other newspapers, folded into bankruptcy in Delaware on Monday with a lender-backed plan to restructure $1 billion in debt.

The same decline in advertising revenues that is “generally afflicting” the newspaper industry have left the Davenport, Iowa-based company unable to service its debt, which totals $1.3 billion against $1.2 billion in assets, according to a declaration from Lee Chief Financial Officer Carl G. Schmidt.

“Absent the filing of these Chapter 11 cases, the company...
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