Nationwide newspaper publisher files for bankruptcy

Perinton N.Y.-based GateHouse Media Inc. filed for Chapter 11 bankruptcy protection on Friday, according to the Wall Street Journal. The media company lists assets of $437 million and debts of $1.3 billion.

GateHouse Media Inc. owns 100 daily and 200 weekly newspapers in 21 states, including the Lake Sun Leader in Camdenton, the Carthage Press and the Aurora Advertiser.

Gatehouse CEO Michael Reed says the filing reflects strategic planning rather than operational difficulties. He said no day-to-day changes will result.

As part of the filing, GateHouse common stock is being cancelled. New York-based Newcastle Investment Corp. lent 52 percent of the debt, and will become the majority shareholder.

Read more at the Wall Street Journal.