5 Newspaper Companies That Have Filed Chapter 11

The Associated Press

Five newspaper companies have filed for Chapter 11 bankruptcy protection since December, though their newspapers continue to operate. Here are some details:

TRIBUNE CO., filed Dec. 8:

Dailies owned: Los Angeles Times, Chicago Tribune, The Sun of Baltimore, South Florida Sun Sentinel, Orlando (Fla.) Sentinel, The Hartford (Conn.) Courant, The Morning Call of Allentown, Pa., and Daily Press of Newport News, Va., plus the Spanish-language Hoy in Chicago. Hoy in Los Angeles is becoming a weekly.

Debt: $13 billion, most from complex buyout in which real estate mogul Sam Zell took the company private in 2007. Had $7.6 billion in assets at time of filing. Generates enough cash that it likely could have made upcoming debt payments, especially with planned sale of the Chicago Cubs, but concluded reorganization necessary for long-term sustainability.

STAR TRIBUNE HOLDINGS CORP., filed Jan. 15:

Newspaper owned: Star Tribune of Minneapolis.

Debt: $661 million, largely from 2007 acquisition from McClatchy Co. by investors led by Avista Capital Partners. Had assets of $493 million as of Dec. 31. Began skipping interest payments in June to conserve cash, and filed for bankruptcy protection after failing to win concessions from unions. Has since obtained concessions from unions representing pressmen and mailers.