GateHouse Media Files For Ch. 11 With Spinoff In Mind

Law360, Wilmington (September 27, 2013, 2:05 PM EDT) -- Community newspaper publisher GateHouse Media Inc. filed for Chapter 11 protection Friday in Delaware armed with a prepackaged comprehensive reorganization plan that aims to restructure its more than $1 billion in debt while spinning off into a new media group combined with assets from a major creditor.

The plan is aimed at fusing the GateHouse assets with a group of about 30 local newspapers that Fortress Investment Group LLC affiliate Newcastle Investment Corp. — which owns about half of GateHouse’s nearly $1.3 billion in debt —...
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