Oregon-based Western Communications has filed for
bankruptcy, The Bulletin of Bend, Oregon, reported.
Western
Communications owns The Bulletin as well as five papers in Oregon
and two in California
“This is
the only way we can preserve our creditors’ investments and our owners’
interests in valuable community assets,” said Betsy McCool, Western
Communications. Chairwoman. “Common to our industry, we will put great energy
into creating a new future for our media company.”
Western
Communications gauges that its debts total more than $10 million owed to more
than 1,000 creditors, a court filing says. The company possesses assets of $10
million to $50 million, the court filing says. Its biggest unsecured creditor
is newsprint buying association Page Cooperative of King of Prussia,
Pennsylvania, which is owed more than $940,000, according to The Bulletin.
Western
Communications also filed for Chapter 11 protection in 2011. The company came
out of bankruptcy 11 protection in April 2012.
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