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Newspaper Still Trying to Resolve Bankruptcy

Not all bankruptcy cases are easy to complete, especially when they involve millions of dollars worth of debt.

Such is the case of a national newspaper company that has been attempting to complete its bankruptcy filing for three years. After working with a bevy of creditors, the company is attempting to emerge from business bankruptcy as soon as possible.

In order for this to happen, the U.S. Bankruptcy judge overseeing the case must decide between two competing exit plans. One of the plans was devised by a group of junior creditors and a credit management company, while the other was proposed by the company itself along with the Official Committee of Unsecured Creditors.

Another positive move towards ending bankruptcy protection was approval of the management incentive plan earlier this month. The company proposed this plan as a way to both raise revenue and emerge from bankruptcy protection. By promising bonuses to those branches of the company that over-perform, the company hopes to increase revenue faster than traditional methods.

If you are facing business bankruptcy, you'll want to speak with a Chicago bankruptcy attorney about your options so you can reorganize your company and repay your creditors. To get legal help, don't hesitate to contact Bizar & Doyle, LLC.

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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
Phone Number: (312) 427-3100