I've covered many bankruptcies over the years, and last week was the first time I can remember a CEO calling the filing a "welcome event."
It was also the first time I've been an employee of a company that was headed into bankruptcy court. Lee Enterprises, which owns the Post-Dispatch, said Friday that it will make a prepackaged Chapter 11 filing on Dec. 12.
Chief Executive Mary Junck used the word "welcome" because the legal action will extend nearly $1 billion in debt that comes due in April. Most of the lenders have already agreed to new terms, so Lee expects to be in and out of court in 60 days. Unlike many bankrupt companies, Lee plans to pay all its bills, and shareholders' ownership will be diluted but not wiped out.
Read the rest of the article at the St. Louis Post-Dispatch
Whether or not you are getting a lawyer to help you, you need to know what you are doing in your bankruptcy case so you don’t get burned.
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