Thursday, December 20, 2012

Journal Register Company has its sales process approved by U.S. Bankruptcy Court

The U.S. Bankruptcy Court for the Southern District of New York today approved the bid procedures, sale process and timeline for Journal Register Company's auction and sale process. The Journal Register Company is part of Digital First Media.

"We are pleased that the Court has approved the dates for competing bids and the auction and that Journal Register Company has now received the full support and cooperation in the sales process with the Official Creditors Committee," John Paton, Chief Executive Officer of Digital First Media said in the company's statement.

Now it is one to the public auction which is scheduled to conclude on or before February 15, 2013. The bankruptcy court will then announce the winning bid on February 21.

The newspaper company is currently owned by the private equity firm Alden Global Capital, and no doubt the company will remain a playing card in the PE game. A "stalking horse" bid by 21st CMH Acquisition Co., an affiliate of funds managed by Alden Global Capital LLC has already been filed.