Wednesday, April 29, 2009

Newspaper group files for bankruptcy protection

American Community Newspapers Inc., which operates smaller newspapers in four major U.S. markets, has filed for bankruptcy protection, citing "an unprecedented and severe decline in advertising revenue."

The company filed its Chapter 11 petition Tuesday in U.S. Bankruptcy Court in Delaware, becoming the sixth publisher of daily newspapers to file for bankruptcy protection.

The company said its secured creditors will provide a $5 million debtor-in-possession credit facility. In its filing, the company lists assets in the range of $50 million to $100 million and debts totaling about $107 million.

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