Fortress Tips Newspaper Group Into Bankruptcy, Plans Spinoff

Law360, New York (September 4, 2013, 4:08 PM EDT) -- An affiliate of Fortress Investment Group LLC on Wednesday tipped local newspaper chain GateHouse Media Inc. into a quickie bankruptcy and laid out a plan to spin off the company — plus 33 papers acquired in a side deal from News Corp. — into a new media group.

Newcastle Investment Corp., which is managed by Fortress and owns more than half of GateHouse's $1.2 billion in debt, struck a deal with other creditors of the teetering media company for a prepackaged bankruptcy, to be filed sometime...
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