19 Jan SITRICK HANDLES AFFILIATED’S CHAPTER 11 FILING
Sitrick & Co. is handing the “pre-packaged” Chapter 11 filing of Affiliated Media, the parent company of Dean Singleton’s MediaNews.
AM says the reorganizations will have no impact on the daily operations of MediaNews’ collection of 54 dailies, including the Denver Post and San Jose Mercury News, and more than 100 non-dailies in a dozen states.
The move reduces the amount of AM debt by $930M to the $165M.
Singleton and his management team will be okayed to own a 20 percent stake in the revamped company.
He says the restructuring will provide the company with one of the strongest balance sheets in the business and give it “breathing space to create a new model for the newspapers we publish.”
— From O’Dwyer’s Public Relations News