Bankrupt ex-owner of area papers receives court approval for plan
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Brown Publishing Co., the bankrupt former owner of The Times-Gazette and County Shopper in Hillsboro and several other Ohio publications, has had its liquidation plan approved in federal court, according to a report by Don Jeffrey for Bloomberg News (www.bloomberg.com).
U.S. Bankruptcy Judge Dorothy Eisenberg said in Central Islip, N.Y., that she will confirm the Chapter 11 plan after noting that creditors with unsecured claims who voted to approve it will recover a small amount of money, Bloomberg reported.
As reported last year, Brown Media Holdings Co. and Brown Publishing Co., the former owner of two Highland County publications, the Times-Gazette and the County Shopper, filed for Chapter 11 bankruptcy relief in the spring of 2010. Brown also had owned newspapers in surrounding counties, including: the Wilmington News Journal and Star Republican, the Record Herald in Washington C.H., the People's Defender in West Union, the News Democrat in Georgetown and the Ripley Bee.
“I’m surprised to find the numerous acceptances filed with this court,” Eisenberg said at the conclusion of the hearing. “Apparently, the creditors believe this is the best plan possible.”
As earlier reported, the bankrupt Brown Publishing Co., whose former chairman of the board was longtime Ohio Republican Congressman Clarence J. "Bud" Brown, sold most of its assets last year for about $22 million.
Brown Publishing’s former top executives, including Chief Executive Officer Roy Brown, the son of former Congressman Brown, had submitted a winning bid at an auction, then dropped it because they “lacked the financial ability to close,” according to court papers.
"Brown Publishing’s secured lenders, led by PNC Bank, made a bid based on the amount they were owed and won the assets," Bloomberg reported.
In May of this year, Editor and Publisher reported that OCM, LLC, an affiliate of Versa Capital Management of Philadelphia, had acquired a number of the former Brown Publishing papers, including The Times-Gazette and County Shopper in Hillsboro, as well as the Wilmington News Journal and Washington Court House Record Herald, among others.
The Brown family bought its first newspaper in Ohio in 1920 and expanded through numerous acquisitions over the years, before entering into bankruptcy in 2010.
Its former President and CEO, Roy Brown, also made an unsuccessful attempt at Congress, running against Third District Rep. Mike Turner in a contentious Republican primary in 2002.[[In-content Ad]]
U.S. Bankruptcy Judge Dorothy Eisenberg said in Central Islip, N.Y., that she will confirm the Chapter 11 plan after noting that creditors with unsecured claims who voted to approve it will recover a small amount of money, Bloomberg reported.
As reported last year, Brown Media Holdings Co. and Brown Publishing Co., the former owner of two Highland County publications, the Times-Gazette and the County Shopper, filed for Chapter 11 bankruptcy relief in the spring of 2010. Brown also had owned newspapers in surrounding counties, including: the Wilmington News Journal and Star Republican, the Record Herald in Washington C.H., the People's Defender in West Union, the News Democrat in Georgetown and the Ripley Bee.
“I’m surprised to find the numerous acceptances filed with this court,” Eisenberg said at the conclusion of the hearing. “Apparently, the creditors believe this is the best plan possible.”
As earlier reported, the bankrupt Brown Publishing Co., whose former chairman of the board was longtime Ohio Republican Congressman Clarence J. "Bud" Brown, sold most of its assets last year for about $22 million.
Brown Publishing’s former top executives, including Chief Executive Officer Roy Brown, the son of former Congressman Brown, had submitted a winning bid at an auction, then dropped it because they “lacked the financial ability to close,” according to court papers.
"Brown Publishing’s secured lenders, led by PNC Bank, made a bid based on the amount they were owed and won the assets," Bloomberg reported.
In May of this year, Editor and Publisher reported that OCM, LLC, an affiliate of Versa Capital Management of Philadelphia, had acquired a number of the former Brown Publishing papers, including The Times-Gazette and County Shopper in Hillsboro, as well as the Wilmington News Journal and Washington Court House Record Herald, among others.
The Brown family bought its first newspaper in Ohio in 1920 and expanded through numerous acquisitions over the years, before entering into bankruptcy in 2010.
Its former President and CEO, Roy Brown, also made an unsuccessful attempt at Congress, running against Third District Rep. Mike Turner in a contentious Republican primary in 2002.[[In-content Ad]]