The Chapter 11 filing included a reorganization of the company's board. Dean Singleton and Jody Lodovic will continue to run MediaNews, while the banks and lenders took a bigger chunk of the ownership. As Editor & Publisher reports:
Secured lenders exchanged their debt for an 89% stake in the company, but Chairman William Dean Singleton remains in control of the chain with the power to appoint four of the seven directors.Whether the reorganization plan affects newspaper operations over the long term remains to be seen. Bank of America and the other major creditors probably won't be very patient about seeing returns on their investment after forgiving so much debt.
MediaNews is the second largest newspaper publisher in the country. Holdings include the Los Angeles Newspaper Group, which publishes the Daily News, Daily Breeze, Pasadena Star-News and six other dailies.