In April, American Community Newspapers filed for bankruptcy, making it the seventh and latest newspaper chain to do so in the recession. Recently, it also became the first to emerge from bankruptcy protection.
On Friday, ACN closed its sale to creditors, allowing the emergence. The company sold for $32 million plus $5 million in post bankruptcy financing to creditors. The company is no longer under its crushing $102 million debt and is able to continue business.
If you are considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 409-765-6000.
