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Addison-based ACN (Pink Sheets: ACNI) says creditors will be offering the companya debtor-in-possession credit facility of $5 Going forward, ACN says newspaperss under the company's umbrella will continue to operate in theif usual fashion. The publisher says advertisers and readers will not be directl impacted andthe publications’ Web sites and paper will continue to cover the communities as ACN’s other North Texas publications include Plano Insiderr , the Allen American , the Celinaq Record , , Rowletyt Lakeshore Times, , Lewisville Leader, Flowee Mound Leader, , The Colony Carrollton Leader, Southlake Times, Penngy Saver, North Texas Life, Stonebridg e Life, All About Frisco, All Aboutf Coppell, All About Flower Mound and Lantanaw .
“A difficult economic environment and weak advertising marker have created a number of challenges for our industr andour company,” said Gene Carr, chairman and CEO of ACN. “While we have proactively managed our businessby right-sizinhg our cost structure and driving efficiencies ... our operations are not able to support our currentcapitaol structure," Carr said. "As a result, we intend to reorganizre via the 363 sale process with continuing support from our lenders if approved, will reduce our debt." Section 363 of the bankruptc code allows a company to sell assetw out of bankruptcy proceedings free and cleaer of any liens.
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