Although Singleton has promised that the bankruptcy won't affect his newspapers, it appears the financial situation that brought about the bankruptcy could lead to more cost-cutting.
From AP (note: "Affiliated" is the holding company for MediaNews):
Affiliated is bracing for more tight times ahead. In a disclosure statement, the company discusses possible savings from farming out some production, newsroom and administrative jobs and imposing permanent wage cuts at some newspapers beginning this year.Also noteworthy (emphasis mine): "MediaNews, based in Denver, says its newspapers ... and 8,700 employees won't be affected during the bankruptcy proceedings." In other words, once the company emerges from court, which is estimated to take between 30 and 90 days, the promise comes to an end.
None of which comes as a surprise. MediaNews has followed a cut-and-consolidation program for years and already has outsourced printing of its Southern California papers. Given the economic environment and past practices, it would be surprising if MediaNews didn't do more of this.
The AP also got the salary information for Singleton and company president Jody Lodovic:
The reorganization plan calls for Singleton to receive a $634,000 salary and an annual bonus of up to $500,000 as Affiliated's chief executive. He will also continue to be paid $360,000 annually under a separate agreement with The Denver Post Corp., according to court documents.
Joseph Lodovic IV, Affiliated's president, will get a $1 million salary, an annual bonus of up to $500,000 and 3 percent of the reorganized company's stock, according to court documents. He has already earned $500,000 in bonuses for overseeing recent changes at the Denver newspaper and helping to gather lender support for the reorganization. He is eligible for an additional bonus of up to $250,000, contingent on the timing of the plan's approval.