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Even the week of Christmas isn't enough to provide a reprieve for the ongoing rout in the newspaper industry.Heartland Publications, which publishes around 50 community newspapers in nine states, filed for Chapter 11 bankruptcy protection on Monday. The company is looking to restructure $156 million in secured debt, and blamed "significant liquidity challenges" and "weakened operating results" for the filing. Increases in the minimum wage have also been a problem.
The company reached a restructuring deal with its first-lien lenders, and will continue to operate.
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