Journal Register Company Files Chapter 11

On Saturday, the Journal Register Company filed for Chapter 11 I the US Bankruptcy Court for the Southern District of New York.  The company reported almost $700 million in debt, and claimed its assets to be between $100 million and $500 million.

The Journal Register Company publishes the New Haven Register as well as 19 other daily publications, and 159 non-daily publications.  Their papers cover Philadelphia, Ohio, Connecticut, Michigan, and New York.  It owns 196 websites.

In a release concerning the filing, CEO James W. Hall said “Journal Register Company has taken numerous steps to reduce its debt and strengthen its balance sheet through the divestiture of unprofitable newspapers, headcount reductions and various other means. However, due to the numerous challenges facing the newspaper industry and the overall economic downturn, our board of directors has decided, after careful consideration of all available alternatives, that a Chapter 11 filing was a necessary and best course of action for Journal Register Company.”

The largest unsecured creditor is Terri Tucker, who, in the wake of a civil lawsuit, is owed $4.5 million.

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