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WILMINGTON, Del. — The owner of the Colorado Springs Gazette and dozens of other newspapers became the latest publisher Tuesday to seek bankruptcy protection, hurt by a staggering drop in advertising revenue.
The filing was part of a prepackaged plan approved by a majority of Freedom Communications’ lenders. The consensus on the proposed restructuring should minimize the haggling that can bog down bankruptcy proceedings.
Chief executive Burl Osborne said Freedom still has ample cash to finance its operations and pay its bills.
