White & Case Achieves Successful Restructuring for the Seattle Times Co.

New York, February 10, 2010 ... Global law firm White & Case LLP successfully represented the Seattle Times Co., in an out-of-court restructuring that enhances the company's economic outlook and helps ensure its long-term survival in an industry that is in enormous flux. The restructuring agreement signed by the company – which was founded in 1896 and is the largest privately-owned and family-operated newspaper company in the United States – allows it to preserve its ownership, adds no new debt, and features favorable restructured existing liabilities.

"Instead of buckling under in the face of loan maturities at a time of sharply depressed advertising revenues, The Seattle Times not only avoided bankruptcy but has emerged financially strong and well positioned to continue its prominence as the second most read paper on the West Coast and the dominant newspaper in the Northwest," said Alan Gover, a partner with White & Case who led the restructuring.

In addition to Gover, White & Case partners Alan Rockwell, Owen Pell, Ken Raskin, Greg Pryor and Gerald Rokoff worked on the case.

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Francine Minadeo
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