Freedom Communications files Chapter 11

Freedom Communications, an Irvine, CA-based media company that publishes 33 daily newspapers including the Orange County Register, 70 weekly publications, and operates a...

Freedom Communications, an Irvine, CA-based media company that publishes 33 daily newspapers including the Orange County Register, 70 weekly publications, and operates a number of Web sites and broadcast stations, has filed Chapter 11 to restructure the company's debt.

According to the company statement: "Readers, viewers and advertisers should see no difference in the day-to-day operations of these businesses."

The New York Times reported that the company will reduce $770.6 million in debt, incurred mostly from investment by two private equity groups - The Blackstone Group and Providence Equity Partners.

Sitrick & Company confirmed that it is working with Freedom on this filing.

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