Correction: Heartland Publications story

AP News
|
Posted: Dec 22, 2009 11:28 AM

In a Dec. 21 story about Heartland Publications LLC filing for bankruptcy protection, The Associated Press reported erroneously that the company's reorganization plan calls for giving all of its unsecured creditors a combined 10 percent ownership stake in exchange for canceling its debts.

Under the plan, Heartland would distribute a 10 percent ownership stake only to its largest unsecured creditor, Silver Point Finance LLC. Other unsecured creditors would be paid in full and receive no ownership stake.