Iconic company in another state announces debt relief plan

In Louisiana and elsewhere, hard copy newspaper companies are struggling. Analysts say most people nowadays read news online rather than pay for subscriptions to newspapers that are delivered in person. A publication that has been in business since 1868 recently announced that it was filing for bankruptcy as a means to acquire immediate debt relief.

The Reading Eagle is owned by one of the wealthiest families in America. In addition to its longevity in the newspaper industry, it is also known for its intern employment of famous author John Updike in the 1950s. The company currently publishes 37,000 daily circulation papers as well as 50,000 Sunday newspapers.

Located in Pennsylvania, the Reading Eagle will continue to operate those circulations, as well as other parts of the company, while a media brokerage firm that has been hired seeks a buyer for the business. In 2015, the family that owns the publication reportedly held a net worth of more than $6 billion. A spokesperson for the family said all members are grateful for the years of dedicated service their employees have given in support of the company and extended community.

This situation is evidence that even high-net worth companies and wealthy people can encounter financial crisis that is serious enough to prompt immediate debt relief measures. There are numerous types of bankruptcy, and Louisiana business owners or homeowners will want to learn more about each type before deciding which option best fits their needs. An experienced bankruptcy law attorney can explain each program and provide recommendations as warranted by a particular set of circumstances.