Fredericksburg Free Lance–Star files for Chapter 11 bankruptcy

[mahatmakanejeeves]

Hat tip, DCRTV.com

Fredericksburg Free Lance–Star files for Chapter 11 bankruptcy
http://www.timesdispatch.com/business/fredericksburg-free-lance-star-files-for-chapter-bankruptcy/article_0d9f2506-843c-11e3-89b2-001a4bcf6878.html

Posted: Friday, January 24, 2014 12:00 am | Updated: 7:33 am, Fri Jan 24, 2014.

RICHMOND TIMES-DISPATCH

The company that publishes The Free Lance-Star newspaper in Fredericksburg has filed for Chapter 11 bankruptcy protection, saying it plans to continue its operations but likely will be sold.

The Free Lance-Star Publishing Co. filed a voluntary petition for Chapter 11 in U.S. Bankruptcy Court in Richmond on Thursday.

The bankruptcy filing stems from a $50 million loan the company took out from BB&T in 2007 to build a new printing plant as part of a strategy to diversify its business, court records show. That part of the business is called Print Innovators.

While the company said it was able to make timely payments on the debt, the impact of the economic recession on its advertising revenue pushed it into non-compliance with the loan covenants, according to court documents. ... The company said it tried to become compliant by restructuring its business, including reducing its employee headcount from 454 full and part-time employees in 2007 to 303 full and part-time employees by the end of 2013.

[factsarenotfair]

1. Here are a few tidbits from their endorsement of George W. Bush over John Kerry.

...
All this and more constitutes a case to hire as the country's leader someone else. But someone else is not the available option. John Kerry is. And whatever Mr. Bush's flaws, Mr. Kerry's are more fundamental and, at this juncture in history, more dangerous.
...
Meanwhile, Mr. Kerry's 20-year U.S. Senate record hardly dazzles. Do not feel bad if you are a Kerry supporter and cannot name one piece of significant legislation he has authored--neither recently could the chairman of the national Democratic Party. What's most telling about the Kerry record, in 2004, is his consistency in being wrong about national-security issues before 2004. In the early '80s, he favored a nuclear freeze, which would have blocked the European missile deployment that helped bring the Soviet bear to bay. He fought Reagan's military support of Central American forces in countries that are now democracies because of that support.
...
In a second term, Mr. Bush says that he aims to partly privatize Social Security, which would eventually shrink federal spending more radically than any programmatic tinkering. He will, we judge, persevere in Iraq and in the larger conflict with neo-barbarism. The country's economic foundation and, more crucially, its physical security are safer if he wins a second term, and we endorse his re-election.

http://fredericksburg.com/News/FLS/2004/102004/10172004/1538926/index_html?page=1

IDIOTS. I wonder if a tiny bit of reality is sinking in now.

[obxhead]

2. I haven't purchased a paper form them in over a decade.

They turned sharply to the right in the late 90's early 00's.

Other than lost jobs, losing TFLS wouldn't be all that big of a loss.