The Journal Register Co., parent of the Kingston Daily Freeman, said it filed for bankruptcy protection, according to the Associted Press in a story here.
The newspaper chain said in a statement that it was looking to pare down a massive debt load of over $400 million. The voluntary chapter 11 gives the company some breathing room from its creditors while it reorganizes under a “reorganization plan.”
“The Company expects to continue to generate sufficient cash flow to fund its operations and, as a condition to implementation of the Plan, will obtain a $25 million revolving credit facility upon its exit from bankruptcy to further enhance its liquidity position,” the Journal Register said in its statement. “The Company’s existing equity holders would receive no distributions under the proposed plan.”
To see a list of the top 50 unsecured creditors, click here and view “docket 1.”