Santa Maria Times Parent Company Files for Bankruptcy
Lee Enterprises, the parent company of the Santa Maria Times, filed for bankruptcy after failing to convince 95 percent of its creditors to restructure its debt to allow for a later mature date at a higher interest rate. The company fell one percent short of that number and thus proceeded with a prepackaged Chapter 11 bankruptcy filing in which the majority shareholders can force a deal on the dissenters. Vice President Carl Schmidt said in a December 2 press release that the restructuring would not affect employees. Lee stock closed at 67 cents on Tuesday’s press deadline, down four cents from the previous day’s close.