Community news conglomerate GateHouse Media Inc. yesterday sketched out its plan to shake up its nearly $1.2 billion debt load in preparation for the launch of a new local media company combining GateHouse's hundreds of publications with the Dow Jones Local Media Group string of small newspapers, Dow Jones Daily Bankruptcy Review reported today. Led by Newcastle Investment Corp., all 80 of GateHouse's secured lenders voted in support of a chapter 11 plan that will allow them to cash out their debt at 40 cents on the dollar or pick up a stake in the new company.
