Report says sale of bankrupt Brown Publishing appears imminent
By
-
Report says sale of bankrupt Brown Publishing appears imminent
Editor and Publisher has reported that the sale of bankrupt Brown Publishing, which operates The Times-Gazette and County Shopper in Hillsboro, appears imminent.
"Court filings in Brown Publishing Co.’s bankruptcy case suggest the Cincinnati-based chain of newspapers and business journals could be sold as early as Friday, Sept. 3," Mark Fitzgerald wrote at www.editorandpublisher.com.
"In Bankruptcy Court in Central Islip, N.Y. Thursday lawyers for Brown Publishing proposed an order authorizing the sale of nearly all the assets of the company to PNC Bank. Also Thursday, Bankruptcy Court Judge Dorothy Eisenberg signed an order authorizing Brown Publishing to use its cash collateral to continue operations through Friday, Sept. 3. Earlier filings in the case suggested PNC was prepared to close the transaction on Friday."
A sale would bring to a formal end the attempt by Brown Publishing CEO Roy Brown and two other top company executives to buy the chain of 15 dailies, 32 paid weeklies, 11 business journals and numerous other publications that they brought into Chapter 11 bankruptcy protection in May, E&P said.
As previously reported, the Brown insiders, incorporated as Brown Media, won the auction in July with a bid of $22.4 million, but were unable to close the sale when their financial backer walked away from the deal. PNC was the second-highest bidder, according to court filings. PNC led a bank group that was owed $74 million.
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.
Editor and Publisher has reported that the sale of bankrupt Brown Publishing, which operates The Times-Gazette and County Shopper in Hillsboro, appears imminent.
"Court filings in Brown Publishing Co.’s bankruptcy case suggest the Cincinnati-based chain of newspapers and business journals could be sold as early as Friday, Sept. 3," Mark Fitzgerald wrote at www.editorandpublisher.com.
"In Bankruptcy Court in Central Islip, N.Y. Thursday lawyers for Brown Publishing proposed an order authorizing the sale of nearly all the assets of the company to PNC Bank. Also Thursday, Bankruptcy Court Judge Dorothy Eisenberg signed an order authorizing Brown Publishing to use its cash collateral to continue operations through Friday, Sept. 3. Earlier filings in the case suggested PNC was prepared to close the transaction on Friday."
A sale would bring to a formal end the attempt by Brown Publishing CEO Roy Brown and two other top company executives to buy the chain of 15 dailies, 32 paid weeklies, 11 business journals and numerous other publications that they brought into Chapter 11 bankruptcy protection in May, E&P said.
As previously reported, the Brown insiders, incorporated as Brown Media, won the auction in July with a bid of $22.4 million, but were unable to close the sale when their financial backer walked away from the deal. PNC was the second-highest bidder, according to court filings. PNC led a bank group that was owed $74 million.
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.
[[In-content Ad]]