Fredericksburg, Va., Free Lance-Star files for bankruptcy
The Free Lance-Star
The (Fredericksburg, Va.) Free Lance-Star filed for Chapter 11 bankruptcy Thursday, Bill Freehling reports in The Free Lance-Star. The move "signals the end of the Rowe family’s 130-year ownership of the local media company," Freehling writes.
The primary expected change will be in the ownership of the company—whose assets include the newspaper, Fredericksburg.com, Freelancestar.com, WFLS, WYSK, WWUZ, WNTX, Print Innovators, several real-estate properties in the city and a host of additional digital products.
Sandton Capital Partners, which owns the loan on the company's printing plant, could be an owner. The company took steps to reduce its debt, Freehling writes, including "reducing the number of full- and part-time employees from about 454 in 2007 to 303 at the end of 2013."