Lee Enterprises, owner of the Globe Gazette in Mason City, has filed for Chapter 11 bankruptcy. The move will help the company to refinance nearly $1 billion in debt.
“Although the refinancing will require Lee to pay higher interest rates, it and our strong cash flow will keep Lee on solid financial footing as we continue reshaping our company for long-term growth by expanding our digital platforms, building audiences, driving sales and improving our balance sheet,” said Lee CEO Mary Junck.