Bankruptcy Judge Approves Sale Of 43 Belle Foods Stores To Awg

GateHouse Files for Bankruptcy as Part of Fortress Plan

Bankruptcy Court for the Northern District of Alabama. AWG is a direct competitor to C&S Wholesale Grocers in the wholesale grocery business. C&S is Belle Foods primary creditor, holding $42 million in debt the bankrupt grocer owes in loans and for merchandise. Because C&S is not getting $42 million in the auction, it had the right to reject the auction results, a right it reserved up until a hearing today to approve the sale. AWG and its buyers were hoping for quick approval of their purchase based on some stores scheduling inventories to take place this weekend and sales to close on Monday. However, the entire deal was in some danger of falling apart when C&S withheld its approval over some sticking points. We are either going to have a deal with the C&S group today or we are not, Mark Benedict, an attorney for AWG, told Judge Caddell when asking for more time to negotiate.
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Other secured creditors will have the option of converting their debt into cash at 40 percent of par or stock in New Media Investment Group Inc., a new holding company that will own GateHouse and Local Media Group, GateHouse said in its statement today. The prepackaged plan proposes a balance-sheet restructuring, by which GateHouse will emerge from bankruptcy with much less debt on its balance sheet, but with its business operations completely intact, Reed said in the statement. Sufficient Cash GateHouse has enough cash to operate in bankruptcy and doesnt need or plan to obtain debtor-in-possession financing, Reed said. Kruger Inc., a Montreal-based pulp-and-paper producer, is listed as GateHouses largest unsecured creditor with a $1.2 million claim. GateHouses 78 daily newspapers serve 10 million people in 21 states, according to the companys website . It also owns 91 advertising-only shoppers, 235 weekly newspapers, 350 locally focused websites and six yellow-page directories. GateHouse merged with a Fortress unit, FIF III Liberty Acquisitions LLC, in 2005, according to regulatory filings.
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GateHouse Media Files Prepackaged Chapter 11 Bankruptcy to Complete http://attorney-in-rancho-cucamonga.com/more-information/bankruptcy/ Secured Debt Restructuring

The organization raised $1.5 million outside of Kickstarter campaign, according to Heller. "The odds have been against us for a long time," George Steel, general manager & artistic director for the company, said in an online video, "but in the face of that difficulty we have made tremendous progress." The company, dubbed "The People's Opera" by former NYC Mayor Fiorello LaGuardia, was founded on the principle that every New Yorker should be able to afford to go to the opera, Steel said. Steel explains that in order for the company to break even, it would need to sell every ticket for $600, but instead the starting ticket price is actually $25 to make it more affordable. The New York City Opera received critical praise in the past for its world premieres of work including Robert Ward's "The Crucible" and Anthony Davis' "The Life and Times of Malcolm X." The company opened its current season on September 17 with the opera "Anna Nicole," and should it fail to raise the necessary funds by Monday, that could be the Company's last production. "We need the help of the people we were founded to serve to put on our season this year," Steel said, speaking to New York residents and opera fans everywhere. "We need you to come together and carry it forward into the future.
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New York City Opera sings the blues over finances, faces possible bankruptcy

An NBC Universal spokesman would not elaborate beyond the statement. In a two-paragraph statement issued Friday night, the Astros indicated that they had issues with the NBC Universal-Rockets-Astros partnership that also could have led to litigation or, at least, potential changes in the partners relationship. Comcast has improperly filed an involuntary bankruptcy petition in an attempt to prevent the Astros from terminating the Media Rights Agreement between the Astros and Houston Regional Sports Network, the statement said. HRSN failed to pay the Astros media rights fees in July, August and September, and we have invested additional money in order to keep the network viable through our season. Despite not receiving our media rights fees, our objective has not changed.
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CSN Houston bankruptcy filing surprises Astros

Upon emergence, we will be under common ownership with Local Media Group, a company with a strong community media presence and performance that operates eight daily community newspapers and thirteen weeklies. Joining with Local Media Group will be an important step in growing our business and will contribute to our future success as the pre-eminent source for locally focused content, covering and serving our subscribers, advertisers and customers through print, online and other digital products, including mobile applications." Pursuant to its plan support agreement, GateHouse solicited votes on the plan over the past week from holders of claims under its 2007 secured credit facility and certain related interest rate swaps. The plan was accepted by the only impaired class of creditors entitled to vote on it. Specifically, 79 out of the 80 holders of secured debt entitled to vote holding an aggregate amount of $1,199,317,153 (representing 99.99% of the total secured debt) voted to accept the plan. No creditors voted to reject the plan. Pension, trade and all other unsecured creditors of GateHouse would not be impaired under the prepackaged plan, and their votes were not solicited. GateHouse's common stock would be canceled under the plan, and holders of secured debt would have the option of receiving a cash distribution equal to 40% of their claims, or stock in New Media Investment Group Inc., a new holding company that will own GateHouse and Local Media Group. GateHouse, which operates in 330 markets across 21 states, intends to continue to operate its business without interruption as a "debtor-in-possession" under the jurisdiction of the bankruptcy court. According to Reed, GateHouse has sufficient cash to operate during the chapter 11 process and does not need, nor does it intend to obtain, debtor-in-possession financing.
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