GateHouse Media seeks amendment to credit facility

GateHouse Media, saddled with millions in debt, has a new plan to ease its burden, according to a filing today with the Securities and Exchange Commission:

GateHouse Media, Inc. (the “Company”) announced today that it has launched an amendment to its $1.195 billion senior secured credit facility (the “Facility”). The amendment would, among other things, allow the Company to repurchase outstanding term loans under the Facility at prices below par through a modified Dutch Auction through December 31, 2011. The Company is seeking the consent of the requisite lenders by 5:00 pm (Eastern Time) Monday, February 2, 2009, in order to effect the amendment.

The Company can give no assurance whether the amendment will be approved by the requisite lenders and, if approved, if and when the Company will effect any such repurchase. If the amendment is approved by the requisite lenders, the Company will do the appropriate regulatory and informational filings.