Under a chapter 11 bankruptcy, Boston Herald will be able to go through a reorganization process. They’ll be able to restructure their debts in order to pay them off. Many businesses who consider bankruptcy often choose chapter 11 so that they can remain in business while paying off debts. GM is one of the most recent and notable chapter 11 bankruptcy cases in American history.
Gatehouse Media, LLC to Acquire Operational Assets
Once approved by the bankruptcy court, Gatehouse Media, LLC will acquire the operational assets of Boston Herald. They own 540 newspapers in 36 states. The Boston Globe reported that Gatehouse Media will pay $4.5 million in cash.
