Lakeway Publishers, Inc. President R. Jack Fishman announced this week that the company had filed for Chapter 11 bankruptcy. Lakeway owns and operates the Manchester Times and the Tullahoma News in Coffee County plus some other nearby newspapers, including ones in Grundy, Franklin Lincoln and Moore counties.
Chapter 11 permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to every business, whether organized as a corporation, partnership or sole proprietorship and to individuals, although it is most prominently used by corporate entities. When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11.
In Chapter 11, in most instances, the debtor remains in control of its business operations as a debtor in possession and is subject to the oversight and jurisdiction of the court.
Lakeway Publishers, Inc. is composed of mostly smaller newspapers and websites in smaller communities in Tennessee, Missouri and Virginia.
Company that Owns the Manchester Times and Tullahoma News Files Chapter 11 Bankruptcy
