The company that publishes The Columbian newspaper in Vancouver, Wash., has filed for Chapter 11 bankruptcy protection in an effort to resolve credit issues involving a building project.
The Columbian Publishing Co. made the filing Friday in U.S. Bankruptcy Court in Tacoma.
The Columbian reports the case involves credit issues with Bank of America, the primary lender on a $40 million building project Columbian Publishing completed last year in downtown Vancouver.
Columbian Publisher Scott Campbell said operations will not be affected and he predicted the company will emerge in a few months “with renewed vigor.”
Campbell said the economy’s recent severe downtown contributed to the need to make the bankruptcy filing. It shows The Columbian owes approximately $17 million to the Bank of America and a variety of unsecured creditors.
Columbian Publishing is a family owned company with 259 employees that operates The Columbian newspaper and the Web site www.columbian.com. The newspaper serves Clark County and other parts of southwest Washington.