Image via WikipediaTriple Crown Media, Inc., publisher of one weekly and six daily newspapers in Georgia, including the Gwinnett Daily Post and The Albany Herald, has filed for Chapter 11 bankruptcy.
Under the debt restructuring plan, Triple Crown would shave nearly a third of the $35 million owed to second-lien lenders. The Lawrenceville, Georgia-based media conglomerate filed for bankruptcy in the U.S. Bankruptcy Court in Wilmington, Del. (Case No. 09-13181).
The news comes the same day as The Atlanta Constitution, Georgia's largest daily newspaper, hiked its newstand price to $1 for Monday through Saturday editions to offset sagging advertising revenues and declining circulation.