From the horses mouth:

Lee Enterprises Inc., the Davenport, Iowa-based publisher of the St. Louis Post-Dispatch, said it plans to file for Chapter 11 bankruptcy on or about Dec. 12 to refinance its $1 billion debt. Lee (NYSE: LEE), led by Chairman and CEO Mary Junck, said that as part of the “pre-packaged bankruptcy,” the newspaper company reached agreements with a majority of its creditors that preserve shareholders’ interests in the company with “only 13 percent dilution.”

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