Wednesday, October 14, 2009
Unsecured Creditors Prevail Over Sun Gazette Parent's New Owners
On October 7th, Federal Bankruptcy Judge Kevin Carey concurred with American Community Newspapers LLC's unsecured creditors and dismissed Chapter 11 Bankruptcy proceedings. American Community Newspapers LLC is the parent company of the Sun Gazette newspapers, including the Arlington Sun Gazette. American Community Newspapers LLC was purchased by General Electric Capital Credit in June. The decision leaves General Electric Capital Credit and other secured creditors obligated to pay ACN's unsecured creditors certain pre-bankruptcy debts incurred by ACN LLC and ACN Inc.