Posted: Sep 1, 2009 9:44 AM by Andy Koen
Updated: Sep 1, 2009 9:44 AM
Freedom Communications, the parent company of the Colorado Springs Gazette, is reportedly close to filing for Chapter 11 bankruptcy protection.
A report by the Wall Street Journal Sunday stated that the company has reached an agreement with its lenders to restructure its debts.
However, a report published in the Orange County Register, which is also owned by Freedom, suggested that talks between Freedom's managers and its lenders were still ongoing.
Gazette editor Jeff Thomas reaffirmed the paper's committment to local news coverage despite the latest financial reports.
"As Freedom negotiates with its lenders, the Gazette's focus will remain on covering the Pikes Peak Region," Thomas said in a Gazette article published Monday.
"It's hard to predict anything in this business in these times, but it's also hard to imagine that ny corporate owner would want this organization to stray from our commitment to thei community."