The company said it would continue to operate as it restructures $700 million in debt.
Gannett lost more than 40% of its value since it was spun off as a public company in 2015.
The publishing company has also sold a $70 million stake to a billionaire investor as it continues to put obstacles in the way of a hostile takeover.
The offer represents a premium of 63% for Tribune shareholders and the publisher of the Los Angeles Times is giving it a "thorough review."
