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American Community Newspapers Inc. (ACNI)

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Last Post: 7/8/2013 2:05:19 PM - Followers: 10 - Board type: Free - Posts Today: 0

http://www.americancommunitynewspapers.com

 

  • Outstanding Shares

    14,623,445 as of Aug 14, 2007
  • Number of Shareholders of Record

    21 as of Mar 28, 2008

 

AMERICAN COMMUNITY NEWSPAPERS LLC
VOLUNTARILY FILES PETITION FOR REORGANIZATION

- No Impact on Day to Day Operations: Newspapers and Web Sites to Continue Serving

 

Their Local Communities -

 

DALLAS, TX – April 28, 2009 – American Community Newspapers Inc. (Pink Sheets:ACNI) today announced that its subsidiary operating company American Community Newspapers LLC (“ACN” or the “Company”) has voluntarily filed petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. ACN will continue to operate its businesses during the reorganization process. There will be no change in the Company’s day to day operating activity and its newspapers will continue to serve their local communities, readers and advertisers without interruption. ACN’s secured creditors will be providing a $5 million debtor in possession credit facility. In addition, the secured creditors are the contemplated stalking horse bidder for ACN’s assets. “A difficult economic environment and weak advertising market have created a number of challenges for our industry and our company,” said Gene Carr, Chairman and Chief Executive Officer of ACN. “While we have proactively managed our business by right sizing our cost structure and driving efficiencies to maximizing our cash flows our operations are not able to support our current capital structure. As a result we intend to reorganize via the 363 sale process with continuing support from our lenders which, if approved, will reduce our debt. This will place us in a better position to execute on our business plan and serve our communities. We worked with our financial advisors to explore a wide range of alternatives before making this filing, however the decision to proceed with the reorganization was determined to be the best alternative.” Mr. Carr concluded, “The community newspaper business model places us in the unique position to deliver truly local content and be the mainstay of the markets we serve. The value we provide has been recognized many times over the years with our employees, newspapers, Web sites and niche publications winning numerous awards. Our readers and advertisers are our most important assets and we are committed to providing them with outstanding service in the months and years ahead.”

 

About American Community Newspapers

ACN is a community newspaper publisher in the United States, operating within four major U.S. markets: Minneapolis - St. Paul; Dallas; Northern Virginia (suburban Washington, D.C.); and Columbus, Ohio. These markets are some of the most affluent, high growth markets in the United States, with ACN strategically positioned in many of the wealthiest counties within each market. ACN's goal is to be the preeminent provider of local content and advertising in any market it serves.

 

CONTACT:

Brainerd Communicators

Corey Kinger (Investors)

kinger@braincomm.com

212.986.6667

Joe LoBello (Media)

lobello@braincomm.com

212.986.6667

 

 

 

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ACNI
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#279   thats true. i in fact bought more today gail 02/23/12 02:49:51 PM
#278   Definitely a possibility. Just won't happen overnight like CollegeGrad22 02/23/12 02:48:14 PM
#277   Only a loss if she sells. I don'think DTGoody 02/23/12 02:45:05 PM
#276   There are those that take the risk and stressfreeliving 02/23/12 02:39:12 PM
#275   Hey, I've been there, trust me. Not gonna CollegeGrad22 02/23/12 02:38:56 PM
#274   it is a risk, they all are, it gail 02/23/12 02:37:00 PM
#273   Derby sure got quiet. Hope no one listened CollegeGrad22 02/23/12 02:36:03 PM
#272   I guess you missed the part about BK deadboy 02/23/12 02:32:38 PM
#271   whats clean about a good 100 million in debt? Deewar25 02/23/12 02:31:06 PM
#270   http://investorshub.advfn.com/boards/read_msg.aspx?message_id=72456187 gsmith462 02/23/12 02:27:36 PM
#269   Anything can still happen. Could go to mitshelton 02/23/12 02:24:58 PM
#268   Yeah hopefully not too many got sucked into UP Trend 02/23/12 02:21:19 PM
#267   Huge potential here......The MM's tried to get some jwakstock 02/23/12 02:20:47 PM
#266   What assets does it have? Welsh_Dragon 02/23/12 02:19:58 PM
#265   At $0.01 we have 140k market cap. That deadboy 02/23/12 02:18:32 PM
#264   Yesterday morning we were still in Bankruptcy. The DTGoody 02/23/12 02:11:36 PM
#263   You do realize we are still way up mitshelton 02/23/12 02:07:48 PM
#262   They are clear of Bankruptcy and they do DTGoody 02/23/12 02:03:44 PM
#261   American Community Newspapers Inc. Holding/Sold stressfreeliving 02/23/12 01:51:04 PM
#259   the price is dropping cause it will never johnnytrader33 02/23/12 01:43:16 PM
#258   Im really surprised this isnt moving way up. mitshelton 02/23/12 01:40:46 PM
#257   yeah this has no legs. no news , johnnytrader33 02/23/12 01:33:47 PM
#256   guess cause I hate seeing new traders get Deewar25 02/23/12 01:30:32 PM
#255   That's what I am thinking. gsmith462 02/23/12 01:27:45 PM
#254   Still has a tiny float. Won't take much Aea11 02/23/12 01:27:10 PM
#253   I hope no one bet the farm on otcbargains 02/23/12 01:23:05 PM
#252   Why do you care enough to troll this BCNstocks 02/23/12 01:16:35 PM
#251   10/13 communications is a media company. Could it norskgutt 02/23/12 01:08:45 PM
#250   I called all the newspapers listed on their norskgutt 02/23/12 01:05:22 PM
#249   they have already sold all but their smallest Deewar25 02/23/12 01:01:26 PM
#248   I picked up a small stake in this gsmith462 02/23/12 12:53:56 PM
#247   Welcome to the board! See it is your stressfreeliving 02/23/12 12:42:59 PM
#246   What "pumpers"? deadboy 02/23/12 12:41:58 PM
#245   the pumpers are gone whats up yvonchiez 02/23/12 12:40:03 PM
#244   hope we will have a pr soon peterus 02/23/12 12:37:18 PM
#243   Looks like they still hold a few products: Sharktnk 02/23/12 12:36:18 PM
#242   Ouch being cut down today Welsh_Dragon 02/23/12 12:35:31 PM
#241   take a look at there site peterus 02/23/12 12:33:46 PM
#240   So my question is, does this "new" ACNI quikfix 02/23/12 12:32:13 PM
#239   Not a PR, it was a notice on Sharktnk 02/23/12 12:29:24 PM
#238   Here it is. http://www.otcbb.com/asp/dailylist_detail.asp?d=02/22/2012&mkt_ctg=N jwakstock 02/23/12 12:27:13 PM
#237   Does someone have any info regarding the bankruptcy quikfix 02/23/12 12:15:32 PM
#236   the same here got 0,018 peterus 02/23/12 12:04:11 PM
#235   Partial fill at .18 They have nothing to gswood67 02/23/12 12:02:04 PM
#234   This could hit a $1 any day now. jwakstock 02/23/12 12:01:04 PM
#233   have we heard from the company at all johnnytrader33 02/23/12 11:59:16 AM
#232   I was chasing those so called cheapies around gswood67 02/23/12 11:53:53 AM
#231   Very low volume with huge moves of PPS mitshelton 02/23/12 11:51:32 AM
#230   i put a bid for 7500 shares at peterus 02/23/12 11:50:56 AM
#229   No doubt MM manipulation, very obvious. They can't deadboy 02/23/12 11:48:43 AM
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