Thursday, September 6, 2012
MediaNews sister company files for bankruptcy
The Journal Register Co., a chain of East Coast newspapers managed by Digital First, which also runs MediaNews Group, has filed for Chapter 11 bankruptcy for a second time in three years. The bankruptcy filing will allow a major investor in Journal Register and MediaNews, Alden Global Capital, to buy the troubled chain and eliminate its $160 million in debt. It will also allow Journal Register to cancel expensive leases and dump pension plans. Here’s the email to employees from Digital First’s John Paton, who heads Journal Register and Media News.
Posted by San Francisco Peninsula Press Club at 12:01 AM