Portland, OR — The parent company of the Union Democrat has filed for bankruptcy.
Western Communications, which owns the Union Democrat, and seven other newspapers in Oregon and California, filed for Chapter 11 bankruptcy in federal court in Portland on Tuesday.
This action comes after the company has had difficulty in renegotiating $18 million in loans with Bank of America.
According to The Union Democrat, Western Communications Chairwoman Betsy McCool says, “The company will continue to operate normally as it reorganizes and creates a plan to pay its debts to the bank.”
Western Communications publisher and president Gordon Black also says that since 2007, Western Communications has seen its revenues decline 25 percent, mostly due to declining advertising sales.
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