Upadate: Judge gives intial approval to sale of Eagle-Times
Posted by Simon Day on September 3, 2009 at 1:53 AM
The proposed sale
of closed New Hampshire newspaper, the Eagle-Times, received conditional
approval from a federal Judge at a Manchester bankruptcy court on Wednesday,
Philly.com reported.
U.S. Bankruptcy
Judge, J. Michael Deasy, gave initial, conditional consent to the purchase of
the Times by the family newspaper chain, Sample New Group.
A consumer
privacy ombudsman must evaluate the bid before the sale is finalized.
George Sample said the group wants to have the newspaper, that was closed in July, printing again by the end of the month with a staff base of 25.
"We hope to bring back exactly what (Eagle-Times' publisher Harvey) Hill ran for many years," Sample said.
The paper had a circulation of around 7,800 in the city of Claremont and other Vermont towns.
The paper closed on July 10, leaving 66 full-time and 29 part-time staff without a job.
According to the court papers, Eagle Publications had assets of about $870,000 and debts of about $4.69 million before the company filed for bankruptcy the same day the newspaper closed.
Sample News Group has offered $261,000 for the company and a three-month subscription extension or refund to readers. The potential purchasers also offered a $52,000 debt repayment to equipment company G.E. Capital Corp. This leaves only $6,000 to pay all the remaining creditors.
George Sample said the group wants to have the newspaper, that was closed in July, printing again by the end of the month with a staff base of 25.
"We hope to bring back exactly what (Eagle-Times' publisher Harvey) Hill ran for many years," Sample said.
The paper had a circulation of around 7,800 in the city of Claremont and other Vermont towns.
The paper closed on July 10, leaving 66 full-time and 29 part-time staff without a job.
According to the court papers, Eagle Publications had assets of about $870,000 and debts of about $4.69 million before the company filed for bankruptcy the same day the newspaper closed.
Sample News Group has offered $261,000 for the company and a three-month subscription extension or refund to readers. The potential purchasers also offered a $52,000 debt repayment to equipment company G.E. Capital Corp. This leaves only $6,000 to pay all the remaining creditors.
The family-owned
chain is based in Huntington, Pa. and also owns daily newspapers in Maine,
Pennsylvania and New York.
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