Parent company of Albany Herald files for bankruptcy
Triple Crown Media, the parent company of the Albany Herald, has filed for chapter 11 bankruptcy.
Company officials say it's all part of a new package to restructure the balance sheet. Triple Crown Media has reached this agreement with their lenders already. President and publisher of the paper, Mike Gebhart, is also the executive vice president of Triple Crown Media, and says this will not change the way the newspaper is published.
"It's really business as usual because this is a pre-packaged restructuring, everything has already been set up with our creditors, so, as far as the local Albany community, they should really not see any ramifications of this whatsoever," Said Gebhart Monday.
Triple Crown Media was formed in 2005 when the properties were spun off from Gray Television. TCM consists of seven Georgia newspapers.