This week, a restructuring plan submitted by newspaper publisher Lee Enterprises was approved in federal court.  The Arizona Daily Star and around 50 other newspapers across the country are published by Lee Enterprises, which filed for Chapter 11 bankruptcy in December 2011.

Under the plan, Lee Enterprises will have until December 2015 and April 2017 to pay back about $855.8 million in debt to first- and second-lien creditors.  The company hopes that the approval of the plan will allow them to exit bankruptcy by January 30.

In addition, the plan states that some of the company's creditors will assume a total of 13 percent ownership in the business through the bankruptcy.  Chief Executive Mary Junck said of the approved plan, "This is the favorable outcome we fully expected, and it provides Lee with a nearly four-year runway to continue improving our balance sheet."

To learn more about reorganizing your business under Chapter 11 bankruptcy, contact the Arizona Chapter 11 bankruptcy lawyers of the Harmon Law Office, LLC by calling 480-829-0494 today.