Brown Publishing hearing today in bankruptcy court
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U.S. Bankruptcy Court Judge Dorothy Eisenberg scheduled a hearing today on a Brown Publishing insiders group's bid of $22.4 million for most of the assets of the bankrupt Ohio-based newspaper chain Brown Publishing Co., The Associated Press reported.
re;"> A newly formed Brown Media Corp., led by Roy Brown — the current president and CEO of Brown Publishing — made the bid for the newspaper chain's assets during a recent auction.
Details of today's hearing were not immediately available.
Brown Publishing Company filed for bankruptcy earlier this year in U.S. Bankruptcy Court in the Eastern District of New York.
The company claimed it had more than $90 million in debts, much of it business loans owed to PNC Bank and other banks.
The Dayton Daily News reported, "According to bankruptcy court documents, the highest bidder for most of the papers and assets of Brown Publishing was Brown Media Corporation, which was created by Brown Publishing President and CEO Roy Brown along with two other Brown Publishing executives."
"Two groups have objected, asking the court not to approve the sale," the Dayton Daily News reported. "Windjammer Mezzanine, an investment group that has sued Brown Publishing, and Equity Fund II, and a committee of unsecured creditors of Brown Publishing, both have filed objections to parts of the sale in bankruptcy court."
Brown Publishing owns The Times-Gazette and County Shopper in Hillsboro, as well as 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.
U.S. Bankruptcy Court Judge Dorothy Eisenberg scheduled a hearing today on a Brown Publishing insiders group's bid of $22.4 million for most of the assets of the bankrupt Ohio-based newspaper chain Brown Publishing Co., The Associated Press reported.
A newly formed Brown Media Corp., led by Roy Brown — the current president and CEO of Brown Publishing — made the bid for the newspaper chain's assets during a recent auction.
Details of today's hearing were not immediately available.
Brown Publishing Company filed for bankruptcy earlier this year in U.S. Bankruptcy Court in the Eastern District of New York.
The company claimed it had more than $90 million in debts, much of it business loans owed to PNC Bank and other banks.
The Dayton Daily News reported, "According to bankruptcy court documents, the highest bidder for most of the papers and assets of Brown Publishing was Brown Media Corporation, which was created by Brown Publishing President and CEO Roy Brown along with two other Brown Publishing executives."
"Two groups have objected, asking the court not to approve the sale," the Dayton Daily News reported. "Windjammer Mezzanine, an investment group that has sued Brown Publishing, and Equity Fund II, and a committee of unsecured creditors of Brown Publishing, both have filed objections to parts of the sale in bankruptcy court."
Brown Publishing owns The Times-Gazette and County Shopper in Hillsboro, as well as 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.
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