Wednesday, February 20, 2013
Journal Register Company, which owns six daily newspapers in the Philadelphia region, filed for bankruptcy in September. The new owner may not retain all the current employees.
Wednesday, February 20
The Times Herald of Norristown, the Pottstown Mercury, and the Lansdale Reporter will have a new owner in April, pending a judge's approval of the company's bankruptcy sale. The Associated Press reports that Journal Register Company has sought a judge's approval to be purchased by 21st CMH Acquisition Co., an affiliate of current owner Alden Capital, for about $120 million. 21st CMH Acquisition Co. was the sole bidder in an auction to purchase the Bucks County-based company, which filed for bankruptcy last September. The company had previously filed for bankruptcy in 2009. CEO John Paton cited onerous building leases and other "legacy obligations" as a factor in the most recent bankruptcy filing. Citing an article in the New Haven Register…
Friday, November 16, 2012
Hostess Brands is asking a federal bankruptcy court for permission to close its doors after a bakers strike, laying off 18,500 workers.
Hostess Brands, the maker of Wonderbread, Ding Dongs, Devil Dogs and Ho Hos will close its doors as it petitions a federal bankruptcy court to close its operations due to an employee strike, according to CNN Money. As a result, the Irving, Texas company, with a plant in Philadelphia, plans to liquidate, laying off 18,500 workers and selling off assets to the highest bidder. This means some of the baked goods could return to shelves at some point, but as part of another company. "We deeply regret the necessity of today's decision, but we do not have the financial resources to weather an extended nationwide strike," said CEO Gregory Rayburn. The company, which has struggled financially and filed for bankruptcy in 2004, offered a new …
Wednesday, September 5, 2012
The owner of The Reporter in Lansdale, The Mercury in Pottstown and The Times Herald in Norristown will be sold promptly, according to reports.
Digital First Media announced Wednesday that its subsidiary Journal Register Company is filing for Chapter 11 bankruptcy, the second time since 2009. JRC operates The Reporter in Lansdale, The Mercury in Pottstown and The Times Herald in Norristown, among other local papers. JRC filed voluntary petitions for Chapter 11 in U.S. Bankruptcy Court for the Southern District of New York and "will seek to implement a prompt sale," according to Digital First Media. Digital First Media operates MediaNews Group and Digital First Ventures. According to a press release from Digital First Media, the auction and sale would take 90 days. Digital First has reportedly signed a stalking horse bid for JRC from 21st CMH Acquisition Co., an affiliate of the …
Tuesday, May 22, 2012
Property owner searching for new station operator after bankruptcy court cancels former operator's lease
The Lukoil station on North Lewis Road in Limerick is closed until a new operator can be found for the business, the property's owner said Tuesday evening. Limerick resident Leroy Wensel, who owns the property, said the business closed at 10:00 a.m. Tuesday. According to Wensel, a bankruptcy judge on Monday voided the station's lease, which was held by Getty Petroleum. Getty Petroleum has been in Chapter 11 bankruptcy since December 2011. Since then, the New York-based bankruptcy court handling the case has cancelled hundreds of gas station leases held by the company. Wensel said the company had not paid him its rent on the property since January. In addition to the gas station, the location also houses a convenience store, a Dunkin' …