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The Boston Globe

Business

With bankruptcy plan, publisher sees a second chance

The newspaper business probably hasn’t worked out as planned for the Fortress Investment Group, a New York investment firm that eight years ago began buying up local papers across the country, including about 100 in Massachusetts.

The publisher it created and controls, GateHouse Media Inc., has never made an annual profit as a public company, and last week filed for bankruptcy under the weight of nearly $1.2 billion in debt. Nonetheless, Fortress has embarked on a complicated series of moves that encompass the purchase of 33 more papers, including the Cape Cod Times and the Standard-Times of New Bedford, and a deal with creditors that would allow GateHouse to emerge from bankruptcy virtually debt free.

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