Traditional Munich newspaper files for insolvency

The Abendzeitung ("Evening Paper"), a traditional local newspaper in south German city of Munich, files for insolvency at the city's local court on Wednesday. The debt of "Evening Paper", which appears six times a week, has accumulated to 70 million euros (96.13 million U.S. dollars) since 2001. And the deficit for 2013 alone came to 10 million euros, local media Bavarian Radio cited the publisher as reporting. The prospect for 2014 is also bleak, the owner of the tabloid newspaper Family Friedmann announced. "Evening Paper", with its headquarters in Munich, was first founded in June, 1948. Based on 2006 figures, it has an estimated weekday readership of 320,000. The publisher and its employees hope that an investor could be found in the course of insolvency proceedings.