Affiliated Media Inc, the private publisher of the San Jose Mercury Reports and 53 other daily papers, declared Monday it has officially appeared from Chapter 11 insolvency protection.This statement from the holding company for MediaNews Group Inc. Was a predicted one. An insolvency judge already licensed the firm's reorganization plan on March four. The official end of insolvency protection was predicted by Apr one.
The company filed for Chapter eleven protection on Jan. Twenty-two.
Under the plan, Affiliated will chop its loan down from $930 million to about $165 million in return for relinquishing possession to dozens of banks. The banks, controlled by B.O. A, will hold 89 % of Affiliated common stock. The leftover stake will belong to Affiliated's president, Joseph Lodovic IV, and its Chairman , William Dean Singleton.
Singleton, who is also boss of The Associated Press, will keep control over Affiliated's board. Paper publishers including Affiliated borrowed heavily before Net competition and the recession ate away at advertising money, making it hard for the firms to reimburse loans.
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