Report: Brown submits top bid for Brown Publishing
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Report: Brown submits top bid for Brown Publishing
A company formed by executives of the Brown Publishing Company appears to be the high bidder for the bankrupt Brown Publishing Company, according to U.S. Bankruptcy Court records.
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 this week, "According to bankruptcy court documents, the highest bidder for most of the papers and assets of Brown Publishing during bidding held Monday and Tuesday was Brown Media Corporation, which bid $22.4 million. Brown Media Corp. was created by Brown Publishing President and CEO Roy Brown along with two other Brown Publishing executives."
The bids must still be accepted and approved by the court.
"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 this week."
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.
A company formed by executives of the Brown Publishing Company appears to be the high bidder for the bankrupt Brown Publishing Company, according to U.S. Bankruptcy Court records.
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 this week, "According to bankruptcy court documents, the highest bidder for most of the papers and assets of Brown Publishing during bidding held Monday and Tuesday was Brown Media Corporation, which bid $22.4 million. Brown Media Corp. was created by Brown Publishing President and CEO Roy Brown along with two other Brown Publishing executives."
The bids must still be accepted and approved by the court.
"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 this week."
U.S. Bankruptcy Court Judge Dorothy Eisenberg has postponed the hearing on the bankruptcy sale until July 29 to review paperwork.
U.S. Bankruptcy Court Judge Dorothy Eisenberg has postponed the hearing on the bankruptcy sale until July 29 to review paperwork.
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.