Today's Date: Add To Favorites
Newspaper publisher Heartland files for Chapter 11
Bankruptcy | 2009/12/22 06:05

Heartland Publications LLC, the owner of 23 daily newspapers and other publications in nine states, filed for Chapter 11 bankruptcy protection on Monday after agreeing with its major lender on a plan to cut the company's debt load by more than half.

The privately held company is one of at least a dozen newspaper publishers forced into bankruptcy protection by the recession, which dampened advertising sales in an industry that was already seeing readers and advertisers migrate to the Web.

In its filing in U.S. Bankruptcy Court in Wilmington, Del., Heartland reported assets of roughly $134 million and debts of $166 million.

Heartland spokeswoman Rivian Bell said the company's top lender, GE Capital, has agreed to reduce what it is owed to $70 million from roughly $111 million. In exchange, the financial-services arm of the industrial conglomerate General Electric Co. would get a 90 percent stake in the company.

Bell said the company's largest unsecured creditor, the hedge fund Silver Point Finance LLC, would get the remaining 10 percent ownership stake in exchange for the roughly $44 million it is owed, though Silver Point has not yet agreed to the reorganization plan. Silver Point did not respond to a request for comment.




[PREV] [1] ..[3361][3362][3363][3364][3365][3366][3367][3368][3369].. [8286] [NEXT]
All
Class Action
Bankruptcy
Biotech
Breaking Legal News
Business
Corporate Governance
Court Watch
Criminal Law
Health Care
Human Rights
Insurance
Intellectual Property
Labor & Employment
Law Center
Law Promo News
Legal Business
Legal Marketing
Litigation
Medical Malpractice
Mergers & Acquisitions
Political and Legal
Politics
Practice Focuses
Securities
Elite Lawyers
Tax
Featured Law Firms
Tort Reform
Venture Business News
World Business News
Law Firm News
Attorneys in the News
Events and Seminars
Environmental
Legal Careers News
Patent Law
Consumer Rights
International
Legal Spotlight
Current Cases
State Class Actions
Federal Class Actions
A man who threatened to kill..
Ford cuts 2024 earnings guid..
Kenya’s deputy president pl..
South Korean court acquits f..
Supreme Court grapples with ..
Supreme Court leaves in plac..
Kentucky sheriff accused of ..
New rules regarding election..
North Carolina appeals court..
A court in Argentina orders ..
Mexican cartel leader’s son..
Sean ‘Diddy’ Combs jailed ..
Alaska man charged with send..
Protesters storm Mexico’s S..
Google faces new antitrust t..


Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet.
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Legal Document Services in Los Angeles, CA
Best Legal Document Preparation
www.tllsg.com
Car Accident Lawyers
Sunnyvale, CA Personal Injury Attorney
www.esrajunglaw.com
East Greenwich Family Law Attorney
Divorce Lawyer - Erica S. Janton
www.jantonfamilylaw.com/about
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
  Law Firm Directory
 
 
 
© ClassActionTimes.com. All rights reserved.

The content contained on the web site has been prepared by Class Action Times as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. Affordable Law Firm Web Design