Oregon-based Western Communications has filed for bankruptcy, The Bulletin of Bend, Oregon, reported.
Western Communications owns The Bulletin as well as five papers in Oregon and two in California.
“This is the only way we can preserve our creditors’ investments and our owners’ interests in valuable community assets,” said Betsy McCool, Western Communications. Chairwoman. “Common to our industry, we will put great energy into creating a new future for our media company.”
Western Communications gauges that its debts total more than $10 million owed to more than 1,000 creditors, a court filing says. The company possesses assets of $10 million to $50 million, the court filing says. Its biggest unsecured creditor is newsprint buying association Page Cooperative of King of Prussia, Pennsylvania, which is owed more than $940,000, according to The Bulletin.
Western Communications also filed for Chapter 11 protection in 2011. The company came out of bankruptcy 11 protection in April 2012.