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Heartland Publications LLC files for reorganization under Chapter 11

Discussion in 'Journalism topics only' started by wsreader, Dec 21, 2009.

  1. wsreader

    wsreader New Member

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



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

    Riddick Active Member

    I hope this wasn't like Freedom where the employees also found out through the Wall St. Journal
     
  3. 2muchcoffeeman

    2muchcoffeeman Active Member

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

    spud Member

    ...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.
     
  5. 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
     
  6. fishhack2009

    fishhack2009 Active Member

    Employees were called in for small-group meetings with the publisher at our shop Monday morning. Apparently, publishers were informed on Sunday.
     
  7. slappy4428

    slappy4428 Active Member

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

    OTD Active Member

    Wasn't this the group that was going to buy Daytona Beach? I have to think that deal is on hold. Anyone know?
     
  9. 2muchcoffeeman

    2muchcoffeeman Active Member

    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.)
     
  10. SteveVictory

    SteveVictory New Member

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

    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
     
  11. OTD

    OTD Active Member

    Boy, I have to think that Cox wishes it had taken Tippen's $30 million or whatever it was now.
     
  12. Sam Mills 51

    Sam Mills 51 Active Member

    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?
     
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