The company that owns the San Ramon Valley (Contra Costa) Times, San Jose Mercury News, Oakland Tribune and some 50 other daily newspapers, as well as 100 non-daily papers in 12 states, will soon declare bankruptcy, initiating a proceeding in federal court. The bankruptcy of holding company Affiliated Media Inc., in the form of a Chapter 11 filing, is the result of inability to pay huge debts accumulated in recent years when MediaNews Corp. acquired many of the papers it now owns.
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