PNC Bank announced the closing of a $115 million senior secured financing facility for Gatehouse Media. PNC Bank provided $65 million and will serve as administrative and collateral agent.
GateHouse Media and and certain subsidiaries have emerged from prepackaged chapter 11. Houlihan Lokey Capital acted as financial advisor, and Young Conaway Stargatt & Taylor acted as legal counsel.
GateHouse Media and certain of its subsidiaries commenced voluntary Chapter 11 bankruptcy. Houlihan Lokey is acting as financial advisor to GateHouse; Young Conaway Stargatt & Taylor is acting as legal counsel.
Newcastle said that it plans to restructure GateHouse Media, which manages the operations of Newcastle’s newly acquired Local Media Group, pursuant to a prepackaged reorganization plan.