DENVER (AP) — Affiliated Media Inc., the holding company for the MediaNews Group family of newspapers that includes The Denver Post, plans to file for Chapter 11 bankruptcy protection.
The company said Friday that it would file a “prepackaged” plan already approved by lenders, which should allow it to emerge from bankruptcy more quickly.
MediaNews Group Chairman and CEO William Dean Singleton says company management and newspaper operations, employees and vendors won’t be affected by the holding company’s restructuring.
Under the plan, company debt would fall from about $930 million to $165 million. Senior lenders would swap debt for stock.
MediaNews Group owns 54 daily newspapers, more than 100 non-daily newspapers, Web sites, television and radio broadcasters.