AABP EP Awards 728x90

Lee Enterprises files for bankruptcy

/wp-content/uploads/2022/11/BR_web_311x311.jpeg

Davenport-based Lee Enterprises Inc., publisher of newspapers in 52 markets in Iowa and other states, filed today to refinance nearly $1 billion in debt under Chapter 11 of U.S. bankruptcy laws, Reuters reported. The publisher announced earlier this month that it planned to file a pre-packaged bankruptcy after reaching an agreement with most of its lenders to refinance $769.5 million of its distressed loans. The bankruptcy filing, in a Delaware court, lists liabilities of $994.5 million and assets of $1.15 billion, Reuters said. Lee was founded in 1890 in Ottumwa and most of the company’s newspapers trace their beginnings to the mid-1800s. Among Lee’s alumni are the late authors Mark Twain, Willa Cather and Thornton Wilder, Reuters said.