Heartland Publications cash collateral, first-day motions approved

By Caroline Salls

Pittsburgh, Dec. 22 - Heartland Publications, LLC has received court approval of all of its "first-day" bankruptcy motions, including access to cash collateral to fund its operations while in bankruptcy, according to a company news release.

"We are pleased with the prompt approval of these motions that ensure that all of our publications will continue to operate with no changes to advertising or circulation agreements or customer programs, and no changes to employee pay or benefits," president and chief executive officer Michael C. Bush said in the release.

"We are on track to successfully complete this expedited financial restructuring by early spring, reducing the company's debt by more than half and creating a new capital structure."

In addition to the continuation of customer and employee programs, the company also received court approval to maintain existing cash management systems and pay key vendors for pre-bankruptcy expenses.

Heartland, a Clinton, Conn.-based newspaper operator, filed for bankruptcy on Dec. 21 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-14459.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.