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Bronx bankruptcy lawyer comments on Lee Enterprises filing for bankruptcy
Bankruptcy protection hits the news. The New York Times reports in a December 12th, 2011 article that Lee Enterprises filed for Chapter 11 bankruptcy.
Lee Enterprises the third-largest newspaper publisher, publishing 48 daily newspaper sought for the court’s protection to refinance nearly $1 billion in debt.
The company stated that they plan to repay their creditors in full but are using the Chapter 11 protection to help extend the debt due day. The company is requesting to move back the debt’s due date to 2015 and 2017. As of now, the creditors have voted to back the company’s plan.
This bankruptcy comes just two months after the company had refinanced their distressed loans with several lenders. However, 6% of the company’s lenders refused to consent to the out-of-court refinancing plan leading to the company taking bankruptcy actions.
We at the Law Office of Jayson Lutzky, P.C., are pleased to know that efforts are being made to better protect consumers. If you are struggling with debt, and you are in need of legal advice, please feel free to call us at 1-800-660-5299 or visit us at www.bankruptcynyc.com for a free initial consultation.