3 publishers return from bankruptcy protection
Posted by Simon Day on September 29, 2009 at 6:39 AM
Three newspaper companies have come out of Chapter 11 bankruptcy protection: American Community Newspapers LLC, Journal Register Co. and Star Tribune Holdings Corp., The Associated Press reported Monday.
American Community Newspapers first filed for Chapter 11 protection in April because it was running out of cash "without any prospect of obtaining additional funding." The company was sold to senior creditors after judge approval in June, clearing most of the group's debt. The company publishes three daily newspapers.
American Community Newspapers first filed for Chapter 11 protection in April because it was running out of cash "without any prospect of obtaining additional funding." The company was sold to senior creditors after judge approval in June, clearing most of the group's debt. The company publishes three daily newspapers.
The Journal Register Co., which publishes 22 daily papers and more than 300 weeklies, sought bankruptcy protection in August with $692 million worth of debt. This was cut to $225 million in exchange for creditor ownership.
Star Tribune Holding Corp. was forced to seek Chapter 11 protection in January with a $480 million debt load. The company's reorganisation plan, approved on Monday, saw debt reduced to $100 million as the senior lenders, led by investment group Angelo, Gordon & Co., become the new owners of the company. The company will now be called Star Tribune Media Co. with 95 percent of its stock owned by its senior secured creditors and Michael Sweeny, the newly appointed chairman, the Minneapolis Business Journal reported Monday.
Star Tribune Holding Corp. was forced to seek Chapter 11 protection in January with a $480 million debt load. The company's reorganisation plan, approved on Monday, saw debt reduced to $100 million as the senior lenders, led by investment group Angelo, Gordon & Co., become the new owners of the company. The company will now be called Star Tribune Media Co. with 95 percent of its stock owned by its senior secured creditors and Michael Sweeny, the newly appointed chairman, the Minneapolis Business Journal reported Monday.
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