Eleventh-hour bidder may save Arizona newspaper
Posted by Lisette García on November 23, 2009 at 9:01 AM
A colorable offer has come forward for a Pulitzer prize-winning newspaper which its bankrupt publisher had planned to shutter at year's end, The Portales News-Tribune Friday reported.
The East Valley Tribune's publisher, Freedom Communications Inc., has operated in receivership since filing for bankruptcy protection. Thus, it must obtain judicial approval for any sale of assets to occur. Judicial approval will likely chiefly entail review of the priority of distribution of any proceeds obtained.
The identity of the buyer was not revealed nor was the agreed-upon purchase price disclosed. The East Valley Tribune is based in Mesa, Arizona in the southwestern part of the United States.
The East Valley Tribune's publisher, Freedom Communications Inc., has operated in receivership since filing for bankruptcy protection. Thus, it must obtain judicial approval for any sale of assets to occur. Judicial approval will likely chiefly entail review of the priority of distribution of any proceeds obtained.
The identity of the buyer was not revealed nor was the agreed-upon purchase price disclosed. The East Valley Tribune is based in Mesa, Arizona in the southwestern part of the United States.
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