By Brandon Reid
Assistant Editor
The Wall Street Journal article added: “GateHouse has begun to informally ask creditors to forgive their debt for ownership stakes in a reworked company, or accept payments of 33 cents for every dollar they are owed, the people said. Should enough creditors go along with the plan, GateHouse could avoid bankruptcy court.
“If enough creditors balk, GateHouse is preparing to file a prepackaged bankruptcy, the people said. In a prepackaged Chapter 11 case, GateHouse would get approval from enough creditors ahead of time so that a judge could bless its debt restructuring plan and streamline the trip through bankruptcy court.
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