Wednesday, October 28, 2009
New Details Emerge About Sun Gazette Parent Company's Bankruptcy
According to the Web site netdockets.com, the Sun Gazette's parent company, American Community Newspapers, LLC and ACN LLC's secured creditors repeatedly attempted over the course of three months to use a Federal bankruptcy court to prevent ACN's unsecured creditors, mostly small businesses, from being paid for their goods and services. American Community Newspapers LLC was sold to it's secured creditors on June 29th. The secured creditors consist of a consortium of 9 financial institutions with General Electric Credit as lead bank. The Federal bankruptcy judge ultimately determined on October 7th to dismiss ACN LLC from bankruptcy since ACN's secured creditors had already acquired an $80 million company free of liens and encumbrances and depriving small business tradespeople of income would be unfair.