Journal Register Receives Clearance for Sale Process
Digital First Media, which operates MediaNews Group, Journal Register Company and Digital First Ventures, announced the U.S. Bankruptcy Court for the Southern District of New York has approved the bid procedures, sale process and timeline for Journal Register’s auction.
The public auction is expected to conclude on or before Feb. 15, 2013 with the court approving the winning bid by Feb. 21, 2013.
The stalking-horse bid filed by 21st CMH Acquisition, an affiliate of funds managed by Alden Global Capital, is structured so all post-petition payables and substantially all pre-petition trade creditors’ claims are assumed.
“We are pleased that the court has approved the dates for competing bids and the auction and that Journal Register Company has now received the full support and cooperation in the sales process with the Official Creditors Committee,” said John Paton, CEO of Digital First Media.
Journal Register Company produces local news and information in 10 states and has more than 350 multi-platform products that reach an audience of 21 million people each month.
Previously on abfjournal.com: