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                                                                      EXHIBIT 14

                         LIBERTY GROUP PUBLISHING, INC.
                       CODE OF BUSINESS CONDUCT AND ETHICS

INTRODUCTION

PURPOSE

         This Code of Business Conduct and Ethics (the "CODE") contains general
guidelines for conducting the business of Liberty Group Publishing, Inc. and its
subsidiaries (collectively, the "COMPANY") consistent with the highest standards
of business ethics. To the extent this Code requires a higher standard than
required by commercial practice or applicable laws, rules or regulations, we
adhere to these higher standards.

         This Code applies to all directors, officers and employees of the
Company. We refer to all persons covered by this Code as "Company employees" or
simply "employees." We also refer to the Chief Executive Officer, the Chief
Financial Officer, the principal accounting officer and the controller of the
Company as our "principal financial officers."

SEEKING HELP AND INFORMATION

         This Code is not intended to be a comprehensive rulebook and cannot
address every situation that you may face. If you feel uncomfortable about a
situation or have any doubts about whether it is consistent with the Company's
ethical standards, seek help. We encourage you to contact your Publisher for
help first. If your Publisher cannot answer your question or if you do not feel
comfortable contacting your Publisher, contact your Regional Manager or Maureen
Wurfel in the Corporate HR Department. The Company has also established an
Ethics Helpline that is available 24 hours a day, 7 days a week at
1-847-412-1337. You may remain anonymous and will not be required to reveal your
identity in calls to the Ethics Helpline, although providing your identity may
assist the Company in addressing your questions or concerns.

REPORTING VIOLATIONS OF THE CODE

         All employees have a duty to report any known or suspected violation of
this Code, including any violation of the laws, rules, regulations or policies
that apply to the Company. If you know of or suspect a violation of this Code,
immediately report the conduct to your Publisher. Your Publisher will contact
the Regional Manager or the Corporate HR Department, which will work with you
and your Publisher to investigate your concern. If you do not feel comfortable
reporting the conduct to your supervisor or you do not get a satisfactory
response, you may contact the Regional Manager or Corporate HR Department
directly. You may also report known or suspected violations of the Code on the
Ethics Helpline that is available 24 hours a day, 7 days a week at
1-847-412-1337. You may remain anonymous and will not be required to reveal your
identity in calls to the Ethics Helpline, although providing your identity may
assist the Company in investigating your concern.

         All reports of known or suspected violations of the law or this Code
will be handled sensitively and with discretion. Your Publisher, Regional
Manager, the Corporate HR Department and the Company will protect your
confidentiality to the extent possible, consistent with law and the Company's
need to investigate your concern. The Company prohibits retaliation against an
employee who, in good faith, seeks help or reports known or suspected
VIOLATIONS.

         It is Company policy that any employee who violates this Code will be
subject to appropriate discipline, which may include termination of employment.
This determination will be based upon the facts and circumstances of each
particular situation. An employee accused of violating this Code will be given
an opportunity to present his or her version of the events at issue prior to any
determination of appropriate discipline. Employees who violate the law or this
Code may expose themselves to substantial civil damages, criminal fines and
prison terms. The Company may also face substantial fines and penalties and many
incur damage to its reputation and standing in the community. Your conduct as a
representative of the Company, if it does not comply with the law or with this
Code, can result in serious consequences for both you and the Company.

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WAIVERS OF THE CODE

         Waivers of this Code will be granted only in extraordinary
circumstances. Waivers of this Code for employees may be made only by an
executive officer of the Company. Any waiver of this Code for our directors,
executive officers or other principal financial officers may be made only by our
Board of Directors or the appropriate committee of our Board of Directors and
will be disclosed to the public as required by law or the rules of the
Securities and Exchange Commission.

CONFLICTS OF INTEREST

IDENTIFYING POTENTIAL CONFLICTS OF INTEREST

         A conflict of interest can occur when an employee's private interest
interferes, or appears to interfere, with the interests of the Company as a
whole. You should avoid any private interest that influences your ability to act
in the interests of the Company or that makes it difficult to perform your work
objectively and effectively.

         Identifying potential conflicts of interest may not always be
clear-cut. The following situations are examples of conflicts of interest:

                  -        Outside Employment. No employee should be employed
                           by, serve as a director of, or provide any services
                           to a company that is a customer, supplier or
                           competitor of the Company.

                  -        Improper Personal Benefits. No employee should obtain
                           any material (as to him or her) personal benefits or
                           favors because of his or her position with the
                           Company.

                  -        Financial Interests. No employee should have a
                           significant financial interest (ownership or
                           otherwise) in any company that is a customer,
                           supplier or competitor of the Company. A "significant
                           financial interest" means (i) ownership of greater
                           than 1% of the equity of a customer, supplier or
                           competitor or (ii) an investment in a customer,
                           supplier or competitor that represents more than 5%
                           of the total assets of the employee.

                  -        Loans or Other Financial Transactions. No employee
                           should obtain loans or guarantees of personal
                           obligations from, or enter into any other personal
                           financial transaction with, any company that is a
                           customer, supplier or competitor of the Company. This
                           guideline does not prohibit arms-length transactions
                           with banks, brokerage firms or other financial
                           institutions.

                  -        Service on Boards and Committees. No employee should
                           serve on a board of directors or trustees or on a
                           committee of any entity (whether profit or
                           not-for-profit) whose interests reasonably would be
                           expected to conflict with those of the Company.

                  -        Actions of Family Members. The actions of family
                           members outside the workplace may also give rise to
                           the conflicts of interest described above because
                           they may influence an employee's objectivity in
                           making decisions on behalf of the Company. For
                           purposes of this Code, "family members" include your
                           spouse or life-partner, brothers, sisters and
                           parents, in-laws and children whether such
                           relationships are by blood or adoption.

DISCLOSURE OF CONFLICTS OF INTEREST

         The Company requires that employees disclose any situations that
reasonably would be expected to give rise to a conflict of interest. If you
suspect that you have a conflict of interest, or something that others could
reasonably perceive as a conflict of interest, you must report it to your
Publisher. Your Publisher will work with you to determine whether you have a
conflict of interest and, if so, how best to address it. Although conflicts of
interest are not automatically prohibited, they are not desirable and may only
be waived as described in "Waivers of the Code" above.

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CONFIDENTIAL INFORMATION

         Employees have access to a variety of confidential information while
employed at the Company. Confidential information includes all non-public
information that might be of use to competitors, or, if disclosed, harmful to
the Company or its customers. Employees have a duty to safeguard all
confidential information of the Company or third parties with which the Company
conducts business, except when disclosure is authorized or legally mandated. An
employee's obligation to protect confidential information continues after he or
she leaves the Company. Unauthorized disclosure of confidential information
could cause competitive harm to the Company or its customers and could result in
legal liability to you and the Company.

         Any questions or concerns regarding whether disclosure of Company
information is legally mandated should be promptly referred to the CFO.

COMPANY RECORDS

         Accurate and reliable records are crucial to our business. Our records
are the basis of our earnings statements, financial reports and other
disclosures to the public and guide our business decision-making and strategic
planning. Company records include booking information, payroll, timecards,
travel and expense reports, e-mails, accounting and financial data, measurement
and performance records, electronic data files and all other records maintained
in the ordinary course of our business.

         All Company records must be complete, accurate and reliable in all
material respects. Undisclosed or unrecorded funds, payments or receipts are
inconsistent with our business practices and are prohibited. You are responsible
for understanding and complying with the record keeping policies at your
worksite. Ask your supervisor if you have any questions.

ACCURACY OF FINANCIAL REPORTS AND OTHER PUBLIC COMMUNICATIONS

         As a company with publicly traded debt securities, we are subject to
various securities laws, regulations and reporting obligations. Both federal law
and our policies require the disclosure of accurate and complete information
regarding the Company's business, financial condition and results of operations.
Inaccurate, incomplete or untimely reporting will not be tolerated and can
severely damage the Company and result in legal liability.

         The Company's principal financial officers and other employees working
in the Accounting Department have a special responsibility to ensure that all of
our financial disclosures are full, fair, accurate, timely and understandable.
These employees must understand and strictly comply with generally accepted
accounting principles and all standards, laws and regulations for accounting and
financial reporting of transactions, estimates and forecasts.

COMPLIANCE WITH INSIDER TRADING LAWS

         Company employees are prohibited from trading in the stock or other
securities of the Company while in possession of material, nonpublic information
about the Company. In addition, Company employees are prohibited from
recommending, "tipping," or suggesting that anyone else buy or sell stock or
other securities of the Company on the basis of material, nonpublic information.
Company employees who obtain material nonpublic information about another
company in the course of their employment are prohibited from trading in the
stock or securities of the other company while in possession of such information
or "tipping" others to trade on the basis of such information. Violation of
insider trading laws can result in severe fines and criminal penalties, as well
as disciplinary action by the Company, up to and including termination of
employment.

         Information is "non-public" if it has not been made generally available
to the public by means of a press release or other means of widespread
distribution. Information is "material" if a reasonable investor would consider
it important in a decision to buy, hold, or sell stock or other securities. As a
rule of thumb, any information that would affect the value of stock or other
securities should be considered material. Examples of information that is
generally considered "material" include:

                  -        Financial results or forecasts, or any information
                           that indicates a company's financial results may
                           exceed or fall short of forecasts or expectations;

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                  -        Important new products or services;

                  -        Pending or contemplated acquisitions or dispositions,
                           including mergers, tender offers, or joint venture
                           proposals;

                  -        Possible management changes or changes of control;

                  -        Pending or contemplated public or private sales of
                           debt or equity securities;

                  -        Acquisition or loss of a significant customer or
                           contract;

                  -        Significant write-offs;

                  -        Initiation or settlement of significant litigation;
                           and

                  -        Changes in the Company's auditors or a notification
                           from its auditors that the Company may no longer rely
                           on the auditor's report.

         The laws against insider trading are specific and complex. Any
questions about information you may possess or about any dealings you have had
in the Company's securities should be promptly brought to the attention of the
CFO.

PUBLIC COMMUNICATIONS AND REGULATION FD

PUBLIC COMMUNICATIONS GENERALLY

         The Company places a high value on its credibility and reputation in
the community. What is written or said about the Company in the news media and
investment community directly impacts our reputation, positively or negatively.
Our policy is to provide timely, accurate and complete information consistent
with our obligations to maintain the confidentiality of competitive and
proprietary information and to prevent selective disclosure of market-sensitive
financial data. To ensure compliance with this policy, all news media or other
public requests for information regarding the Company should be directed to the
Company's CFO. The CFO will work with you and the appropriate personnel to
evaluate and coordinate a response to the request.

COMPLIANCE WITH REGULATION FD

         In connection with its public communications, the Company is required
to comply with a rule under the federal securities laws referred to as
Regulation FD (which stands for "fair disclosure"). Regulation FD provides that,
when we disclose material, non-public information about the Company to
securities market professionals or stockholders (where it is reasonably
foreseeable that the stockholders will trade on the information), we must also
disclose the information to the public. "Securities market professionals"
generally include analysts, institutional investors and other investment
advisors.

         To ensure compliance with Regulation FD, we have designated the
following officials as "Company Spokespersons:"

                  -        Chief Executive Officer

                  -        Chief Financial Officer

         Only Company Spokespersons are authorized to disclose information about
the Company in response to requests from securities market professionals or
stockholders. If you receive a request for information from any securities
market professionals or stockholders, promptly contact the CFO to coordinate a
response to such request.

Company employees who regularly interact with securities market professionals
are specifically covered by Regulation FD and have a special responsibility to
understand and comply with Regulation FD. Contact the CFO if you have any
questions about the scope or application of Regulation FD. The Company also has
a detailed policy on Regulation FD, which may be obtained from the CFO.

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COMPLIANCE WITH LAWS AND REGULATIONS

         Each employee has an obligation to comply with all laws, rules and
regulations applicable to the Company operations. These include, without
limitation, laws covering bribery and kickbacks, copyrights, trademarks and
trade secrets, information privacy, insider trading, illegal political
contributions, antitrust prohibitions, foreign corrupt practices, offering or
receiving gratuities, environmental hazards, employment discrimination or
harassment, occupational health and safety, false or misleading financial
information or misuse of corporate assets. You are expected to understand and
comply with all laws, rules and regulations that apply to your job position. If
any doubt exists about whether a course of action is lawful, you should seek
advice from your Publisher, Regional Manager or the Corporate HR Department.

ENVIRONMENT, HEALTH AND SAFETY

         The Company is committed to providing a safe and healthy working
environment for its employees and to avoiding adverse impact and injury to the
environment and the communities in which we do business. Company employees must
comply with all applicable environmental, health and safety laws, regulations,
and Company standards. It is your responsibility to understand and comply with
the laws, regulations and policies that are relevant to your job. Failure to
comply with environmental, health and safety laws and regulations can result in
civil and criminal liability against you and the Company, as well as
disciplinary action by the Company, up to and including termination of
employment. You should contact the Corporate Safety Committee if you have any
questions about the laws, regulations and policies that apply to you.

ENVIRONMENT

         All Company employees should strive to conserve resources and reduce
waste and emissions through recycling and other energy conservation measures.
You have a responsibility to promptly report any known or suspected violations
of environmental laws or any events that may result in a discharge or emission
of hazardous materials. Employees whose jobs involve manufacturing,
construction, plant operation, or other industrial activity have a special
responsibility to safeguard the environment. Such employees should be
particularly alert to the storage, disposal, and transportation of waste and
handling of toxic materials and emissions into the land, water, or air.

HEALTH AND SAFETY

         The Company is committed not only to comply with all relevant health
and safety laws, but also to conduct business in a manner that protects the
safety of its employees. All employees are required to comply with all
applicable health and safety laws, regulations, and policies relevant to their
jobs. If you have a concern about unsafe conditions or tasks that present a risk
of injury to you, please report these concerns immediately to your local Safety
Committee or the Corporate Safety Committee.

EMPLOYMENT PRACTICES

         The Company pursues fair employment practices in every aspect of its
business. Copies of our detailed policies are available from the Publisher or
the Corporate HR Department. Company employees must comply with all applicable
labor and employment laws, including anti-discrimination laws and laws related
to freedom of association, privacy, and collective bargaining. It is your
responsibility to understand and comply with the laws, regulations, and policies
that are relevant to your job. Failure to comply with labor and employment laws
can result in civil and criminal liability against you and the Company, as well
as disciplinary action by the Company, up to and including termination of
employment. You should contact the Publisher, Regional Manager or the Corporate
HR Department if you have any questions about the laws, regulations and policies
that apply to you.

CONCLUSION

         This Code of Business Conduct and Ethics contains general guidelines
for conducting the business of the Company consistent with the highest standards
of business ethics. If you have any questions about these guidelines, please
contact your

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Publisher, Regional Manager or Corporate HR Department or the Ethics Helpline at
1-847-412-1337. We expect all Company directors, officers and employees, to
adhere to these standards.

CONTACTS

<TABLE>
<S>                                 <C>                     <C>
CFO:                                Daniel Lewis            (847) 272-2244
Corporate HR Department             Maureen Wurfel          (847) 272-2244

Corporate Safety Committee:         Kevin McCrory           (847) 272-2244
                                    Ted Mike                (570) 888-9643
                                    Daniel Lewis            (847) 272-2244
                                    Maureen Wurfel          (847) 272-2244
</TABLE>

         This Code and the matters contained herein are neither a contract of
employment nor a guarantee of continuing Company policy. We reserve the right to
amend, supplement or discontinue this Code and the matters addressed herein,
without prior notice, at any time.

         This Statement, as applied to the Company's principal financial
officers, shall be our "code of ethics" within the meaning of Section 406 of the
Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder.