GATEHOUSE TO FILE CHAPTER 11

GateHouse Media says it’s filing bankruptcy.
The Perinton-based newspaper chain on Wednesday, in a filing with the Securities and Exchange Commission, said that it and its biggest debt holder, Newcastle Investment Corp., have struck an agreement calling for GateHouse to restructure through a prepackaged Chapter 11.
Newcastle plans to have GateHouse manage Local Media Group, which puts out 33 local publications in seven states and generated $162 million in revenues last year.
Gatehouse is a publisher of weekly newspapers and shoppers in more than 20 states, and generated $489 million last year, but has continuously run in the red.

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