MediaNews Parent Emerges From Bankruptcy
March 23, 2010 at 4:27 AM (PT)
MEDIANEWS parent AFFILIATED MEDIA has emerged from bankruptcy. The company, which publishes 54 newspapers and also owns four radio stations in the GRAHAM, TX area through its ownership of GRAHAM NEWSPAPERS, INC., filed for Chapter 11 status on JANUARY 22nd and won approval of its reorganization plan on MARCH 4th. Lenders will receive 89% of the parent company's stock, with the rest remaining with CEO DEAN SINGLETON and President JOSEPH LODOVIC IV.
The company has placed the radio stations -- Classic Hits KWKQ (KOOL 94.7) and Country KSWA-A/GRAHAM, TX and Oldies KROO-A and Country KLXK (K-LAKES)/BRECKENRIDGE, TX -- into a trust with LODOVIC as trustee and plans to sell the stations off. MEDIANEWS operates newspapers like the SAN JOSE MERCURY NEWS, ST. PAUL PIONEER PRESS, LOS ANGELES DAILY NEWS and the LOS ANGELES NEWSPAPER GROUP of suburban dailies, and DETROIT NEWS.