ap on Wednesday denied reports that lenders could take control of the newspaper chain in a prepackaged bankruptcy filing.
“Proposals to the company’s lenders do not include a change in control of the company, nor do they include proposals for any bankruptcy filings,” the Denver-based company said in a statement.
Debtwire, a real-time news service for fixed-income markets, reported last week that MediaNews submitted a restructuring plan June 15 that gave lenders, led by Bank of America, and bondholders the equity in a reorganized company.
MediaNews, which has won cost-saving concessions at The Denver Post and other publications, said it remains in compliance with bank agreements while refinancing talks continue.
The privately held company owns 54 daily newspapers in 11 states.
