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DAVENPORT, Iowa - Lee Enterprises Inc., publisher of The Pantagraph, announced Friday that it plans to file a voluntary, prepackaged bankruptcy as part of an agreement that will refinance nearly $1 billion in outstanding debt. Lee said in a news release that it has reached a key agreement "with an overwhelming majority" of its creditors. The agreement will allow the company to proceed with an overall refinancing plan, including extending Lee's Pulitzer notes debt maturity until 2015. The notes had been due to mature in April 2012.
ST. LOUIS -- Pulitzer Inc., which publishes the St. Louis Post- Dispatch, the Arizona Daily Star and a dozen other daily newspapers, has been bought by Lee Enterprises Inc. in a $1.46 billion deal that creates the nation's fourth-largest newspaper publisher. Michael E. Pulitzer, grandson of the founder and chairman of the Pulitzer board of directors, said the sale to Lee, announced Sunday and approved unanimously by Pulitzer's board, was in the best interests of Pulitzer's shareholders.
DAVENPORT, Iowa - The publisher of the St. Louis Post-Dispatch and more than 40 other newspapers is close to completing a debt refinancing plan that includes a prepackaged Chapter 11 bankruptcy filing. Lee Enterprises Inc. disclosed details of the plan on Friday. The Chapter 11 filing, which Lee expects to initiate in about 10 days, is designed to force uncooperative lenders to go along with a refinancing arrangement that Lee reached with a majority of its lenders in September.
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