Freedom Communications, Inc., the right-wing plaything founded by the late Raymond C. Hoiles, is expected to declare bankruptcy this week, wiping out the remaining equity interests of Hoiles family descendants. Taking control will be SunTrust, J.P. Morgan Chase, and Union Bank of California, among other creditors.
For the moment, anyway, Freedom owns newspapers throughout the Florida panhandle, including the Destin Log, the Santa Rosa Press Gazette, the Northwest Daily News out of Ft. Walton Beach, the Crestview News Bulletin, the Panama City News Herald, the Walton Sun out of Santa Rosa Beach, and the Washington County News in Chipley. In the coming bankruptcy reorganization, it's a certainty that some, if not all, of these newspapers will be sold off or shut down.
The Wall Street Journal is quoting [subscription only] an unnamed Hoiles family member as saying that while none of them will be destitute, the bankruptcy means "some" of them are now "forced" to go to work.
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The "Local Puppy Trainer" [NWF Daily News] made it official - they have filed for Chapter 11.
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