Journal Register files for Chapter 11
Posted by Uma Dixit on February 23, 2009 at 4:48 PM
Citing diving advertising revenues, the Yardley-based Journal Register Co., operating mostly in Philadelphia, Cleveland and Michigan, filed for bankruptcy on Friday, Bloomberg News reported Saturday.
The company's debt totals up to US$1 billion, with assets of between $100 million and $500 million. The company's revenues have decreased by more than 20 percent since 2006, CEO James Hall stated in court documents.
The company's debt totals up to US$1 billion, with assets of between $100 million and $500 million. The company's revenues have decreased by more than 20 percent since 2006, CEO James Hall stated in court documents.
Under a proposed reorganisation plan, all stocks would be cancelled and the Journal Register would become a closely held company, owned by its lenders, according to the Bloomberg report, posted by Philly.com.
If reorganisation goals are met, Journal Register has petitioned the bankruptcy court for permission to pay its top officers and "key employees" up to $1.7 million in bonuses, Bloomberg reported.
In 2007, the company cut costs through closing 34 publications, cutting 112 jobs, ended management bonuses and memberships to country clubs and sold its corporate jet, according to Bloomberg.
Journal Register owns 20 daily newspapers, 159 non-dailies and employs about 3,500 people.
If reorganisation goals are met, Journal Register has petitioned the bankruptcy court for permission to pay its top officers and "key employees" up to $1.7 million in bonuses, Bloomberg reported.
In 2007, the company cut costs through closing 34 publications, cutting 112 jobs, ended management bonuses and memberships to country clubs and sold its corporate jet, according to Bloomberg.
Journal Register owns 20 daily newspapers, 159 non-dailies and employs about 3,500 people.
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