Affiliated Media, the holding company for newspaper chain MediaNews Group, has filed for Chapter 11 bankruptcy protection, as it announced last week. This is a pre-packaged bankruptcy, meaning its lenders are all in agreement, and will reduce the $930 million debt to a more manageable $165 million. None of the newspaper will be affected, and Dean Singleton will remain chairman and CEO. Singleton and the company’s president, Joseph J. Lodovic IV, will own all class A shares, allowing them to choose a majority of the seven-member board of directors, reports AP.

SEE ALSO: MediaNews Group’s Holding Company Restructures Debt; Singleton Retains Control

“By aggressively facing the challenges of the newspaper business, we will continue to deliver high-quality journalism and will prepare our newspapers for a promising future,” Singleton sense with no sense of irony.