Publisher of 30 Newspapers to File for Bankruptcy

Full details at Yahoo! News:

WASHINGTON (AFP) – Freedom Communications, owner of the Orange County Register and 30 other US newspapers, is expected to file for bankruptcy protection this week, according to published reports.

The Wall Street Journal and The New York Times quoted unidentified sources as saying that the bankruptcy filing would lead to Freedom’s lenders taking over the company, which is owned by the Hoiles family.

The Times said the Chapter 11 bankruptcy filing, which protects a company from its creditors while it restructures, could come as early as Tuesday.