On Friday, Affiliated-Media which owns many newspapers across the nation, announced that it's plan for restructure of it's debts should not affect most of the newspapers it owns. The company filed a "pre-packaged" petition which it hopes will cut it's $930 million-dollar debt down to $165 million. Sources say this makes the 13th bankruptcy filing of a major newspaper publisher within the last year.

If you are a business owner struggling to make regular payments on your debts, you may wish to consider filing for commercial bankruptcy. For assistance with your case, contact the Galveston & Clear Lake bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 today.