GateHouse Media gets final OK for use of lenders' cash collateral

By Jim Witters

Wilmington, Del., Oct. 23 - GateHouse Media, Inc. was granted final approval for the use of its lenders' cash collateral, according to an Oct. 23 filing with the U.S. Bankruptcy Court for the District of Delaware.

The motion drew no objections.

As previously reported, GateHouse filed for bankruptcy on Sept. 27 to implement a plan of reorganization support agreement with the administrative agent and some lenders under its 2007 secured credit facility, including affiliates of GateHouse.

The agreement calls for a comprehensive restructuring of $1.2 billion of debt scheduled to come due in August 2014.

GateHouse said it has enough cash to operate during the Chapter 11 process and does not need debtor-in-possession financing.

GateHouse, a Fairport, N.Y.-based publisher of print and online media, filed for bankruptcy on Sept. 27. The Chapter 11 case number is 13-12503.

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