Heartland Publications LLC files for reorganization under Chapter 11

http://www.reuters.com/article/idUSSGE5BK06L20091221



http://online.wSportsJournalists.com/article/SB10001424052748703344704574610261552846586.html?mod=googlenews_wsj

 

I hope this wasn't like Freedom where the employees also found out through the Wall St. Journal

 

It's Heartlessland. How could it be any other way?

 

...you also hope their employees don't find out their bosses have been taking mega-bonuses this year while the company slashes pay 5 percent across the board through a BLOG!

Freedom may be a better company to work for than most of these chains, but $1 billion+ in bankruptcy looms large. I'm sure the folks at Heartland feel the same way, like some big ugly specter watching you at all times.

 

Working in Kentucky, part of me says it would be great for LCNI, which had added a paper or two to the chain nearly yearly in my 9+ years with the chain, would take the Bluegrass papers from Heartland.

The other part of me realizes LCNI was on the block earlier this year, so that ain't likely.

Anyhoo, here's the AP article:
http://www.fayobserver.com/Articles/2009/12/22/962662

 

Employees were called in for small-group meetings with the publisher at our shop Monday morning. Apparently, publishers were informed on Sunday.

 

Sign of the times: The Reuters story on Heartland was filed in Bangalore.

 

Wasn't this the group that was going to buy Daytona Beach? I have to think that deal is on hold. Anyone know?

 

Heartland's effort to buy Daytona Beach's paper died quite some time ago.

There's another group in the mix but that seems to have stalled; probably has something to do with the court's oversight of the business. (And maybe that the rumor that the new group couldn't get financing together.)

 

from a competiotor newspaper from NC:: the rich get richer

Despite filing for bankruptcy on Monday, Heartland Publications LLC, owner of The Mount Airy News and The Tribune, plans to pay
year-end bonuses of more than $250,000 to its top seven executives.
Mount Airy News Publisher Gary Lawrence, who is also Heartland’s chief operating officer, would apparently share in $215,000 set aside for three of the company’s senior executives, according to the bankruptcy filing.
“If the lender is comfortable with it and the lender is, they will continue to do business as usual,” Rivian Bell, a spokesperson at public relations firm The Abernathy McGregor Group, Inc., in Los Angeles, said Monday evening. “The senior lenders have given complete support to the company.”

linky:: www.surrymessenger.com -- Believe they are located in mt airy

 

Boy, I have to think that Cox wishes it had taken Tippen's $30 million or whatever it was now.

 

The Messenger is in Mount Airy. And Heartless is still emerging as a scumbag operation.

Heartlandless: The JRC of North Carolina. Now it's Paxton's turn to see how it can somehow lower the bar. And why do we get the impression they'll find a way?