From the Denver Business Journal:
Warner Gateway Partners, the Daily News’ landlord, asked the Bankruptcy Court to require proof that Los Angeles Daily News Publishing Co. can pay the lease on its building, or else to reject an effort by its parent, MediaNews, to reassign the lease to it.Bank of New York Mellon Trust filed the other objection, asking the court to ensure its "fees and expenses" are paid.The Los Angeles Daily News occupies about one-quarter of the Warner Gateway project in Woodland Hills. MediaNews Group holds a 15-year, $27.6 million lease that expires in 2022, according to the filing.
The filing says representatives of the debtor began discussing a possible lease modification in January, but never made an offer, and provided information showing that the Daily News had lost $5 million over the past two years.
Last week, GreenCo filed the first objection in the case. The company says it is owed at least $8.4 million for an option it has held since 1998 to buy all of the Daily News' assets.
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7 comments:
nice move renting the cavernous space in woodland hills for a staff that will continue to shrink. what genius came up with that plan? does anyone think the daily news will continue to publish till the lease is up? i guess the real question is, does anyone care?
L.A. Daily News is in Woodland Hills ?! Shouldn't it be in L.A.
Woodland Hills is a district of L.A.
It's in L.A. County.
It's time for Lean Dean to go away along with all of his "publications." Really, the people he still "employs" would be better off.
As a reader, it appears he has gone away. If you are an employee there, stay because you have no other refuge...if you do , get out. Dean won't do what is right by you as you can see the past several years.
As reported today by several, the bankruptcy for medianews has hit a snag with several creditors objecting and more may follow. Apparently 18 cents on the dollar is not a good deal. As reported here, the landlord of the daily news is one objector and tells us the daily news lost 5 million over the past two years and the newsroom is down nearly two thirds. Seems like someone there needs to sell something.
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