Illinois-Based News-Gazette Plans Ch. 11 Sale In Del.

By Rose Krebs (August 30, 2019, 7:07 PM EDT) -- Illinois-based media company The News-Gazette Inc. and a subsidiary, which operate about 10 publications and three radio stations, hit Chapter 11 in Delaware on Friday with plans for a $4.5 million sale to another media group.

Citing the downturn in the media industry as one of the reasons for their trip into bankruptcy, News-Gazette and DWS Inc. said in court filings Friday they have $10 million to $50 million in debt. News-Gazette enters Chapter 11 with the $4.5 million stalking horse offer in place from an affiliate of Community Media Group to purchase substantially all of its assets, according to filings...

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