Carl Schmidt, Lee vice president, chief financial officer and treasurer, said the method for implementing the agreement is expected to be determined within the next few weeks. "Getting the support of more than 90 percent of our creditors is a significant milestone and allows us to turn our attention to refinancing the Pulitzer Notes. Assuming successful completion of that financing, we expect to implement the transactions out of court if we can get lender support up to 95 percent. Otherwise we will seek to implement the transactions through a favorable prepackaged Chapter 11 filing. Such a filing, if necessary, would be expected to have no adverse impact on company operations, employees, vendors, advertisers or subscribers. Subject to dilution resulting from the issuance of the new shares, current stockholders' interests in the equity of the company would be preserved."The company was planning to file a ream of documents with the Securities and Exchange Commission this afternoon; we'll have more on this story once they get posted and we have time to digest them. In the mean time, no need to panic: Schmidt vows that any Chapter 11 filing would have "no adverse impact on company operations, employees, vendors, advertisers or subscribers."
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