Lee Enterprises's Revenue Is Starting To Stabilize
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Sep. 27, 2013, 2:52 PM
- GateHouse Media (GHSE.PK +33.3%) files for Chapter 11 bankruptcy protection; part of a plan in which its lenders - led by Fortress (FIG +0.1%) affiliate Newcastle Investment (NCT +1.2%) - will exchange their claims for new common stock (Newcastle owns 52% of the debt and will get 52% of the new shares).
- As part of the plan, Newcastle will turn over to GateHouse recently-acquired Dow Jones Local Media Group, and plans to spin off the unit into a new public company called New Media Investment Group.
- Existing GateHouse owners would see their stakes wiped out, but will receive warrants to buy 5% of New Media's stock.
- SEC Form 10.
Sep. 4, 2013, 10:35 AM
- Newcastle Investment (NCT -2.2%) acquires Dow Jones Local Media Group from News Corp. (NWS, NWSA) for $87M.
- Local Media operates 33 local publications in 7 states. The business will now be managed by GateHouse Media (GHSE.PK), an affiliate of Fortress Investment (FIG), which is Newcastle's manager.
- Newcastle owns about 52% of GateHouse's $1.2B in debt and it and other creditors have agreed on a prepackaged Chapter 11 filing in which Newcastle expects to convert its debt holdings into equity of GateHouse.
- Presentation and conference call at 2:30 ET.
- Press release.
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