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Free Lance-Star publisher files for bankruptcy

Thursday - 1/23/2014, 5:35pm  ET

RICHMOND, Va. (AP) -- The publisher of the Free Lance-Star newspaper in Fredericksburg has filed for federal bankruptcy protection.

The Free Lance-Star Publishing Co. filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Richmond on Thursday.

According to court documents, the filing was made together with company affiliate William Douglas Properties LLC, which owns a portion of the land where it operates certain aspects of its business.

The newspaper quoted publisher Nick Cadwallender as saying the filing isn't expected to have any immediate effect on the company's employees, customers, advertisers or vendors.

The family-owned publishing, radio and communications company has been in business for nearly 130 years.

Among its largest debts is a $50.8 million loan used to build a plant for its commercial printing business that opened in 2010.


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