Triple Crown media files for bankruptcy, to reorganize

*Newspaper publisher files pre-arranged bankruptcy

*Triple Crown says to exchange debt for equity

*Triple Crown says second-lien lenders support plan

NEW YORK, Sept 14 (Reuters) - Triple Crown Media Inc TCMI.PK, publisher of The Albany Herald and other newspapers, sought bankruptcy protection on Monday, becoming the latest victim of a downturn in media advertising amid the U.S. recession.

The company, which publishes six local daily newspapers and one weekly, said in documents filed with the Delaware Bankruptcy Court that it had support from holders of more than 80 percent of its second-lien debt for a pre-arranged Chapter 11 reorganization plan.

Under the proposed plan, the company's first-lien debt will be unaltered, while its second-lien debt will be replaced with a modified $10 million credit facility and 90 percent of the equity in the reorganized company. Triple Crown's common stock will be cancelled, while holders of its class A preferred stock will receive 5 percent of the stock of the new company, according to court papers.

The company said in its bankruptcy petition that it had assets of $33.1 million and liabilities of $85.9 million as of Aug. 31.

The case is In re: Triple Crown Media, Inc., U.S. Bankruptcy Court, District of Delaware, No. 09-13181. (Reporting by Emily Chasan, editing by Dave Zimmerman)