The Tribune Co., parent company of the Daily Press newspaper in Newport News, filed for Chapter 11 bankruptcy protection on Monday.
The Chicago-based media company, which owns 23 television stations and 12 newspapers including the Chicago Tribune and Los Angeles Times, is seeking relief for more than $12 billion in debt.
The Daily Press will continue to operate as normal, the newspaper reported.
Much of the company’s debt was incurred when Chairman and CEO Sam Zell took over at the company a year ago and took it private.
The company has been suffering declining advertising revenue. The Chicago Cubs baseball team, which the Tribune is currently trying to sell, is not part of bankruptcy filing. (Daily Press)