Thursday, August 13, 2009

Journal Register emerges from bankruptcy - Will the Phoenix return?

Do future plans by the Journal Register include restoring the Phoenix newspaper to a daily?


U.S. publisher Journal Register emerges from bankruptcy

Aug 12 (Reuters) - U.S. publisher Journal Register Co (JRCOQ.PK) which filed for Chapter 11 protection in February, said on its website that it had emerged from bankruptcy.

The Yardley, Pennsylvania-based publisher said it closed on its exit financing consisting of $150 million from JPMorgan Chase & Co (JPM.N) and $75 million from Wells Fargo & Co (WFC.N) as well as a new credit agreement with Wachovia.

JPMorgan and Wells Fargo were acting as administrative agents, according to the publisher's website.

When it filed for bankruptcy, Journal Register operated 20 daily newspapers, including the New Haven Register and the Trentonian, and more than 300 non-daily publications and websites.

The publisher's Chapter 11 plan, which was approved last month, called for converting secured lenders' debt into 100 percent of the equity in a reorganized company, as well as new secured loans, court records show. Unsecured creditors would also receive some distributions, while shareholders would be wiped out. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Lincoln Feast)


Anonymous said...

If it ever were to come back in the same form it left, I wouldn't waste my money. It was a disaster for the last year or two of it's life and so is the weekly. I can't imagine what the advertisers must be thinking. What a waste of perfectly good advertising money.

Phys_Ed said...

Yes, go back to the days when 'THE PHOENIX' and 'THE EVENING PHOENIX' were GREAT local papers instead of training ground for 'The Mercury', 'Daily News', and the 'Times-Herald'.

Back before Journal-Register and even before Ingersoll ran the paper. That's when our paper was a NEWSPAPER!

Perhaps the editor and manager need to read the paper of old and see what it was like. A real newspaper!