Georgias largest newspaper is set to go under the hammer, with the owners facing the possibility of being liquidated.
The paper’s owner, William H. Lee, Jr., said Thursday that his company, Georgiad Media, is planning to file for bankruptcy protection and liquidate assets.
Lee told reporters the papers owners plan to seek Chapter 11 bankruptcy protection.
Lee’s announcement comes a day after The Washington Post reported that Georgiatimes owners plan a bankruptcy reorganization.
According to The Post, Lee said he expects to file Chapter 11 to liquidate his assets and his company’s assets in a process that could take up to three months.
Georgiacomics board chairman John B. Olin Jr. said Thursday the board has a plan in place to secure a bankruptcy resolution.
Olins announcement comes after a series of news stories about the paper’s finances and the potential bankruptcy filing.
In April, the company had been on a sales spree.
In March, it reported a loss of $2.8 million.
In February, the board reported a net loss of about $1.8 to $2 million.
The newspaper reported losses of $1 million to $3 million in its most recent fiscal year.
The bankruptcy filing will include detailed financial statements and other information that could be used by creditors and lenders to make final decisions on the fate of the company, according to The Washington Times.