Journal Register Co. to sell assets by mid-April
The Journal Register Co., which counts three Connecticut daily newspapers among the 18 dailies it publishes from Michigan to the East Coast, will sell most of its assets by mid-April following the company’s September 2012 bankruptcy filing, its second such filing in three years.
The Yardley, Pa., company issued layoff warnings, known as WARN notices, in Connecticut, New York, Michigan, and Ohio earlier this week, with the notices stating that hundreds of employees could lose their jobs when the sale of the publisher’s assets is completed.
An auction for Journal Register’s assets recently concluded with just one bidder: CMH Acquisition Co., a subsidiary of Alden Global Capital L.L.C., which bid $122.15 million. Alden Global Capital currently owns the Journal Register. If the bid is approved, Journal Register hopes to complete the sale of its assets by about April 17, according to reports.
In Connecticut, there are 285 Journal Register employees whose jobs could be eliminated, according to a notice filed with the state Department of Labor. Journal Register publications include the New Haven Register, The Middletown Press and The Register Citizen.