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Journal Register Company
James W. Hall is the CEO of Journal Register Company. The Journal Register Company publishes local newspapers and magazines throughout the northeast and midwest United States. The company has faced severe financial troubles for several years, resulting in a bankruptcy filing in February 2009.
Prior to filing for bankruptcy, the company shut down many of its small circulation newspapers in Connecticut, Michigan, New York and Pennsylvania. It also sold a number of newspapers, including its largest daily newspaper, the New Haven Register in Connecticut.
The company publishes The Oakland Press, the third-largest daily in metropolitan Detroit. However, most JRC newspapers are small circulation newspapers serving small markets.
With about 200 non-daily publications, Journal Register newspapers are located in six geographic clusters: Greater Philadelphia, Michigan, Connecticut, Greater Cleveland, and in New York State’s Capital-Saratoga and Mid-Hudson regions.
Journal Register was a public company that experienced rapid decline. Company stock had traded at near $20 in September 2005, but in September 2008 a share of JRC stock traded below one cent, closing at $0.005. The stock was traded on the New York Stock Exchange until the exchange delisted it on April 16, 2008. Until the company declared bankruptcy in February 2009 (see below), company stock traded on the pink sheets.
On February 21, 2009, the Journal Register Company filed for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. The reorganization plan submitted by the company will reduce it's debt and cancel its stock, and Journal Register will become a closely held company controlled by its lenders.
The Journal Register Company emerged from Chapter 11 bankruptcy protection on August 7, 2009, and is now privately controlled.
Contact Information
| Web Site: | www.journalregister.com/ | | Telephone: | 215.504.4200 | | Address: | 790 Township Line Road 3rd Floor Yardley PA 19067 USA |
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Comments about Journal Register CompanyComments to date: 5. The most recent comments are below.| |
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Media Owners editors Boulder, Colorado USA | Posted at 7:28pm on Friday, August 14th, 2009 | The Journal Register Company has emerged from Chapter 11 bankruptcy protection, the company announced on August 7, 2009. From the press release:
YARDLEY, PA - – Journal Register Company today announced that its pre-negotiated plan of reorganization (the “Plan”) has become effective and the Company has successfully emerged from Chapter 11 bankruptcy protection in less than six months from commencing the case. The Company has also closed on its exit financing consisting of a $150 million Tranche A Term Loan Agreement with JPMorgan Chase Bank, N.A., as administrative agent, a $75 million Tranche B Term Loan Agreement with Wells Fargo Bank, N.A., as administrative agent, and a revolving credit facility with Wachovia Bank, National Association.
“Over the last six months everyone at the Company has stayed focused on successfully reorganizing the business in order to create a strong financial base on which to build a new dynamic company that is well equipped to compete in today’s challenging economic environment. We would like to thank our employees, lenders and advisors for their hard work and many sacrifices to bring the reorganization to a successful conclusion. We would also like to thank our loyal advertisers, suppliers and subscribers for their ongoing support during this difficult process. In the future, we look forward to delivering the high quality, hyper-local content that is the hallmark of Journal Register Company through our traditional print media products and the vast new media opportunities available to the Company,” said Robert P. Conway, the Company’s interim Chief Executive Officer.
By agreement with the Company’s secured lenders, the allowed claims of the Company’s pre-petition continuing trade creditors will be paid in full in cash. In accordance with the Plan, the other unsecured creditors will be entitled to a pro rata share of a fixed dollar settlement fund based on the amount of their allowed claims. The Company is now privately held by the Company’s pre-petition secured lenders who have been issued the new common stock of the Company. The common stock of the Company that was issued pre-petition was cancelled with no distribution to the holders.
The Company has appointed a new four-member board of directors. Joining the Board as Chairman is Joseph A. Ripp, the former Chief Financial Officer for Time Warner, Inc. and Vice Chairman of America Online Inc., Michael Diament, a former portfolio manager for Q Investments, Peter H. Glusker, the Head of Business Development and International Operations for Gilt Groupe Inc. and John Paton, the Chairman and Chief Executive Officer of impreMedia, LLC. “We are pleased to welcome these accomplished individuals to the Board and we anticipate that their diverse new media and traditional media backgrounds will be a tremendous asset to the Company,” said Mr. Conway.
The Company filed its voluntary Chapter 11 petitions in the United States Bankruptcy Court for the Southern District of New York on February 21, 2009. Additional information about the Company’s restructuring is available at the Company’s website.
For access to Court documents and other general information, visit chapter11.epiqsystems.com/journalregister.
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Eric Kallgren Boulder, Colorado USA | Posted at 4:33pm on Monday, February 23rd, 2009 | February 21, 2009: The Journal Register Company filed for Chapter 11 bankruptcy protection. From the company press release:
Yardley, PA, February 21, 2009 – Journal Register Company (the “Company”) (PINKSHEETS: JRCO) today announced that the Company and its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York to implement a pre-negotiated plan of reorganization (the “Plan”) with certain of its secured lenders designed to substantially reduce the Company’s debt. The Company intends to continue to operate as usual, and does not anticipate any business interruption during the restructuring.
On February 19, 2009, the Company entered into a Plan Support Agreement with JPMorgan Chase Bank, N.A. and 26 of the 37 lenders party to the Company’s Amended and Restated Credit Agreement dated as of January 25, 2006 (as amended, the “Credit Agreement”), which hold approximately 77% of the aggregate principal amount of the indebtedness outstanding under the Credit Agreement. Each of the parties to the Plan Support Agreement have agreed to vote in favor of the Plan on terms and conditions set forth in the Term Sheet that is attached to the Plan Support Agreement.
The Company’s Chairman and Chief Executive Officer James W. Hall said, “Journal Register Company has taken numerous steps to reduce its debt and strengthen its balance sheet through the divestiture of unprofitable newspapers, headcount reductions and various other means. However, due to the numerous challenges facing the newspaper industry and the overall economic downturn, our board of directors has decided, after careful consideration of all available alternatives, that a Chapter 11 filing was a necessary and best course of action for Journal Register Company. We intend to emerge from the Chapter 11 process stronger, leaner and more financially viable in the current environment. We are also pleased to have the support of our lenders in restructuring our debt obligations. Our business will continue its normal operations and we will publish content as usual throughout this process.”
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