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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.