Journal Register Wins Court Approval of $25 Million Loan
Journal Register Co., the newspaper publisher that filed for bankruptcy a second time in September, received final court approval to borrow as much as $25 million to help fund operations while it works to sell its assets.
U.S. Bankruptcy Judge Stuart Bernstein in Manhattan today approved the loan from existing revolving-credit lender Wells Fargo (WFC) Bank NA.
The publisher, based in Yardley, Pennsylvania, previously sought court protection in February 2009, at the time listing debt of as much as $1 billion. Journal Register exited bankruptcy about six months later under the terms of a prenegotiated reorganization plan.
The company listed assets of $235 million and debt of $268.6 million in Chapter 11 documents filed Sept. 5. Debt includes about $13.2 million on a revolving credit owing to Wells Fargo.
The company’s newspapers include the Delaware County Times and the Trentonian near Philadelphia, the Oakland Press in Michigan, the Daily Freeman in Kingston, New York, the Register Citizen in Connecticut and the News-Herald outside of Cleveland.
The case is In Re Journal Register Co., 12-13774, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Dawn McCarty in Wilmington at firstname.lastname@example.org