Journal Register Files For Bankruptcy
A leading local news and information company, Journal Register Co., has found itself in the red once again. As a multi-platform news syndication company, they provide content and advertising for local news outlets. After previous efforts failed to resolve their financial troubles, Journal Register is filing for bankruptcy to resolve its debts and regain profitability.
A Second Chance
Having already filed for bankruptcy three years ago, the Journal Register is back in Chapter 11 as of last week. The company cites expensive pension obligations and increasing debt liabilities as the reason for its filing. Company executives are hopeful that a quick sale of some of its assets will help jumpstart the debt restructuring process.
Last year, Alden Global Capital bought Journal Register, but is now looking to sell it at auction in the next 90 days. Despite the changing of financial hands, the company is expected to remain in operations throughout the Chapter 11 process.