2/23/2009
Newspaper publisher Journal Register Company files for Chapter 11 protection in the U.S. Bankruptcy Court in Manhattan.
As reported widely in the press, the firm is representing newspaper publisher Journal Register Company in its bankruptcy proceedings. On February 21, the company filed for Chapter 11 protection in the U.S. Bankruptcy Court in Manhattan. Journal Register already reached agreement with key creditors on a pre-negotiated reorganization plan, which will allow it to move more expeditiously through the court process. As of November 30, 2008, the company has reported total assets at $596 million and debt (including unpaid interest) at $692 million. With about 3,500 employees, the once publicly traded Journal Register publishes 20 daily newspapers and around 160 non-daily newspapers circulated primarily in Pennsylvania, Connecticut, Michigan, Ohio and parts of New York State. The Yardley, Pennsylvania-based newspaper chain attributes its financial difficulties to a continued downturn in advertising revenues. The matter is being handled by partners Marc Abrams and Rachel Strickland, senior counsel Myron Trepper, and associates Shauna Jones, Jennifer Hardy and Marina Zelinsky. In addition, partners Maurice Lefkort, Stephen Lindo and Terence McLaughlin and associates Jonathan Gatsik and Katie Calabrese are working with the restructuring team.
