Sunday, July 5, 2009
Dallas-based American Community Newspapers completes sale process
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American Community Newspapers II LLC ("ACN II"), a newly-formed company, today completed the acquisition of the assets of American Community Newspapers LLC ("ACN"). This transaction follows the receipt of court approval of the sale of ACN's assets and its subsidiaries, which was given on June 2, 2009, and completes the 363 sale process.
ACN II does not anticipate any change to the day-to-day operating activity of its newspapers and Web sites as a result of the new ownership. Its publications will continue to serve their local communities, readers, and advertisers without interruption.
"This transaction allows us to move forward with a healthier balance sheet and increased financial flexibility," said Gene Carr, chief executive officer and director of ACN II. "We remain committed to the community newspaper model and the hyper-local approach to delivering news and information in the communities in which we operate. The commitment and professionalism of our employees has been incredible during the sales process and has aided us in completing this transaction in a timely and efficient manner. We look forward to continuing to provide our readers and advertisers with outstanding service in the years ahead."
Source: American Community Newspapers II
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