Free Lance-Star Files For Chapter 11 Bankruptcy
January 23, 2014 at 5:03 PM (PT)
THE FREE LANCE-STAR PUBLISHING CO., owner of Country WFLS-F, Talk WNTX-A, Top 40 WVBX (99.3 THE VIBE), and Classic Rock WWUZ (96.9 THE ROCK)/FREDERICKSBURG, VA as well as the daily FREE LANCE-STAR newspaper and other properties, has filed for Chapter 11 bankruptcy, the paper reported TODAY (1/23). The company, which filed its petition in U.S. Bankruptcy Court in RICHMOND along with related real estate company WILLIAM DOUGLAS PROPERTIES LLC, has been owned by the ROWE family for 130 years; creditor SANDTON CAPITAL PARTNERS, which holds a loan the company took out for $50.8 million in 2007 for a new printing plant, is a possible new owner for the operation.
Publisher NICK CADWALLENDER said, “The filing isn’t expected to have any immediate effect on the company’s employees, customers, advertisers or vendors." He said that the radio stations and newspaper are expected to continue normal operation throughout the bankruptcy process.