Newspaper Companies that Have Turned the Page from Chapter 11

By: Newspaper companies that have emerged from bankruptcy protection:

-- American Community Newspapers LLC: The operator of three daily newspapers, including the Stillwater Gazette near Minneapolis, filed for bankruptcy protection in April, saying it was running out of cash ''without any prospect of obtaining additional funding.'' In June, judge authorized sale of the company to senior creditors, cleared of most debts. Company now operates as American Community Newspapers II LLC.

-- Journal Register Co.: The owner of the New Haven (Conn.) Register and other daily newspapers emerged from bankruptcy protection in Aug. 7. The company had listed $692 million in debt -- the bulk held by JPMorgan Chase. The restructuring plan cut what the company owed to secured lenders to $225 million in return for ownership. The plan wiped out stockholders, largely investment funds, and split a $2 million pool among unsecured lenders. Before making its filing in February, the company had agreed with most of its lenders on a reorganization plan.

-- Star Tribune Holdings Corp.: Heavy debt from Avista Capital Partners' 2007 purchase of Star Tribune prompted Jan. 15 bankruptcy filing. In emerging from Chapter 11 on Monday, $480 million of debt to senior lenders got reduced to about $100 million. The main lenders -- led by investment group Angelo, Gordon & Co. -- are the new owners and named as chairman Michael Sweeney, managing partner of local private equity firm. All 10 unions agreed to concessions. Company renamed Star Tribune Media Company LLC.


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