Freedom Communications, the US media company that owns the Orange County Register among other newspapers and television stations, filed for bankruptcy on September 1. The prepackaged Chapter 11 will restructure some $770m of debt, and give ownership of the company over to its creditors. The Hoiles family that previously controlled Freedom, and other equity investors will retain a 2% stake. 

Blackstone Group and Providence Equity Partners, which bought a 40% stake five years ago, had already written their investments down to zero.