Freeman Parent Files Chapter 11

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.”

Today’s Image: A Kingston Cave

wilbur-cave

Kate Lawson’s photo this week reveals another Kingston treasure:

While walking around Wilbur in search of a potential site for a small piece of the Kingston Victory Garden Project, I got to thinking about the cave that is just around the first curve of Rodney St.  It’s been about 100 years since I last saw it.  A make-shift fence now blocks the mouth of the cave so I couldn’t go in and wander around. 

Instead, I stuck my camera through the mesh fencing and took a couple of shots.  It reminds me of what a unique place Kingston is.  We have beauty from majestic waterways, rolling hills and mountains, and even a subterranean land few of us know anything about.

— Kate Lawson