Privately-held Boston Herald (BHI) and three affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 17-12881 (Herald Media Holdings). The Company, which published a Boston, MA-based daily newspaper, is represented by Curtis S. Miller of Morris, Nichols, Arsht & Tunnell.
The Company also announced an agreement with GateHouse Media for the acquisition of the Company’s operational assets, subject to higher and better offers and Court approval. Boston Herald explains, “The Herald (BHI), hindered like many other newspapers with significant pension and retirement liabilities as well as declining revenue with the onset of digital media and a growing variety of news originators and aggregators, had some 900 employees at its peak in 2000. Today it has 240; more than 120 of them work in the newsroom.”
Boston Herald’s Chapter 11 petition indicates assets of $10 to 50 million.
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