A media company that owns local newspapers across the country plans to file for bankruptcy, as was ok’d recently.
The publication assets of the company have already found an owner and a new investor and will be “repackaged” as a company that, hopefully, will have a surer financial footing.
GateHouse Media owns 32 publications in Missouri, many of which serve smaller towns like Aurora, Osage Beach and Waynesville.
The media market these days is a tough one, and at some point, GateHouse Media’s finances got turned around. It was unable to straighten them out, and so will file for Chapter 11 bankruptcy, the form of bankruptcy most often chosen by businesses. It will sell off its publication assets and focus on a slimmer, more concentrated portfolio of real estate holdings.
This bankruptcy filing will give the company and the publications it owns some space from their pressing financial obligations. With this breathing room, there is a real opportunity to have a fresh start and brighten the financial picture, so to speak.
As Kansas City attorneys who often assist clients with bankruptcy filings, we have seen both companies and individuals turn to bankruptcy as a way to obtain a measure of relief and as a way to make a play for healthier finances. We know from experience that in some situations, filing for bankruptcy really is the option that makes the most sense.
If you are considering filing for bankruptcy and are interested in gathering more information, we invite you to contact us today for a free consultation.