Principals of Force 10 served separately as financial advisor and investment banker to the Debtor, and legal counsel to bidder. Navigated intricate inter-creditor issues. Plan of reorganization was funded by the sale of media and real estate properties.
Digital First Media’s $51.8 million bid (digitalfirstmedia.com) was approved by the United States Bankruptcy Court in Santa Ana, CA, after the U.S. Department of Justice filed an antitrust lawsuit against the highest bidder, Tribune Publishing. The final sale to Digital First Media closed on March 31, 2016 for $49.8 million. Freedom Communications had filed for Chapter 11 bankruptcy protection on November 1, 2015.