MediaNews Group today issued a release denying a media report suggesting that the organization has proposed a refinancing plan that would precipitate both a change of ownership and a possible bankruptcy filing.

MediaNews, whose release was published on Romanesko this afternoon, did not specify which media report it was referring to. But it's possible it was a story by Debtwire, an industry subscription service, discussed in a blog post on Denver's Westword today. The post quoted the Debtwire story as saying, "The company is expected to implement its restructuring through a pre-arranged or pre-packaged bankruptcy filing" and attributing that information to an unnamed lender and sellside analyst.

"The story is inaccurate in almost all respects," the MediaNews release said. "Proposals to the company's lenders do not include a change in control of the company, nor do they include proposals for any bankruptcy filings, as the rumors suggest. MediaNews Group remains in compliance with its bank agreements while refinancing discussions continue."

Complete release, after the jump.

MediaNews press release, reprinted from Romanseko

MediaNews: No bankruptcy, no management change
MediaNews release

July 1, 2009

DENVER, CO ... A media report on Wednesday, citing rumors from unnamed sources, reports that MediaNews Group has proposed a refinancing plan to its bank lenders that would cause a change in control of the company and possibly involve a bankruptcy filing.

The story is inaccurate in almost all respects. As previously reported, MNG is in discussions with its bank lenders to restructure its balance sheet, including an exchange of some of its bank debt for equity in the company.

Proposals to the company's lenders do not include a change in control of the company, nor do they include proposals for any bankruptcy filings, as the rumors suggest.

MediaNews Group remains in compliance with its bank agreements while refinancing discussions continue.