The publisher of The Orange County (Calif.) Register will file for Chapter 11 bankruptcy protection this week, according to a story in The Wall Street Journal.
Freedom Communications Inc., which is majority owned by the Hoiles family, operates more than 30 daily newspapers, including the Gazette in Colorado Springs, Colo., and a number of papers in North Carolina, Florida and Texas.
The Journal said the firm has reached agreements with lenders to reorganize its debts.
Those lenders include J.P. Morgan Chase & Co., SunTrust Banks and Union Bank of California, The Journal reported.
Meantime, the (Minneapolis) Star Tribune is close to naming a new board of directors that will take over control of the paper when it emerges from bankruptcy next month. The board includes former Wall Street Journal publisher L. Gordon Crovitz as well as local business executives Michael Sweeney and William Farley.
Monday, August 31, 2009
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