The Current Newspapers will continue publishing D.C. community news, after filing for Chapter 11 bankruptcy protection Jan. 3, reports Washington Business Journal, which added that the “news organization, which prints five editions and has served Northwest Washington neighborhoods with hyperlocal coverage for 50 years, released a statement Wednesday afternoon explaining its decision and outlining its plan to reorganize.

“The move is expected to stabilize the business, allowing it to restructure its finances and establish a new company under new management, with a new operating plan. That means continuing to focus on local news and expanding coverage of sports, lifestyle and local events, according to the letter.

The company has less than $50,000 in assets and more than $1.2 million in liabilities, according to documents filed in U.S. Bankruptcy Court for the District of Columbia. The company’s liabilities include claims by former printers Gannett Co. Inc. for $180,000 and Philadelphia’s Bartash Printing Inc. for $105,000. The filings name 34 creditors in total, with vendors, lenders and individual contributors among them.

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