Triple Crown Media files for bankruptcy protection - WALB.com, Albany News, Weather, Sports

Triple Crown Media files for bankruptcy protection

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By Karen Cohilas - bio | email

ALBANY, GA (WALB) - The parent company of the Albany Herald has filed for Chapter 11 Bankruptcy protection. Triple Crown Media reached an agreement with its creditors and lenders to restructure the company, which has seven Georgia newspapers, including the Herald.

According to court documents, the company has about $33 Million in assets, and about $86 Million in liabilities.

Under the restructuring agreement, employees won't be laid off and will keep their current benefits, and each newspaper will continue to operate.

Executive Vice President Mike Gebhart, who also is the Publisher of the Albany Herald, says it's no secret that the past couple of years have been hard on the newspaper industry, but he believes this restructuring will help move the company in a better direction.

He said, "I see bright days ahead, quite frankly. The economic slowdown has been very difficult for everybody in every industry and the newspaper industry certainly did not escape that."

While Gebhart said there are no plans to reduce the days the paper is published, in Albany, or any other market, he cannot promise against it.

Triple Crown is now moving from a publicly held company to a private company.

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