Newspaper owner files for Chapter 11
September 02, 2009 12:00 am
• Last Updated: September 02, 2009 1:05 am
The owner of the Orange County Register in California and dozens of other newspapers became the latest publisher Tuesday to seek bankruptcy protection, hurt by a jarring drop in advertising revenue.
Freedom Communications Inc. filed for Chapter 11 protection, citing debts of more than $1 billion and assets of $500 million to $1 billion
Freedom had been struggling to bring in enough money to repay its debt for the past year. The privately held company, based in Irvine, Calif., is at least the 10th newspaper publisher to file for bankruptcy protection over the past year.
- Associated Press