GateHouse Media Inc., a chain of newspapers about 40%-owned by Fortress Investment Group, said it will suspend its dividend and raise more funds from Fortress to avoid running afoul of its lenders.
GateHouse Friday reported a second-quarter operating loss of $429.7 million, stemming from a charge of $443.1 million to write down the company's market value.
The impairment charge reflects the steep drop in the stock price, from $18 a share at its initial public offering less than two years ago to 64 cents at 4 p.m. Friday in New York Stock Exchange composite trading; the stock fell five cents, or 7.3%, from Thursday.
As always, you can follow the stock's ups and downs at Google Finance.
