The Advance, Other Local Papers Await Bankruptcy Sale
Journal Register Company, which owns six daily newspapers in the Philadelphia region, filed for bankruptcy in September. The new owner may not retain all the current employees.
The Newtown Advance and BucksLocalNews.com will have a new owner in April, pending a judge's approval of the company's bankruptcy sale. The Associated Press reported that Journal Register Company, which owns The Advance, has sought a judge's approval to be purchased by 21st CMH Acquisition Co. for about $120 million. 21st CMH Acquisition Co. was the sole bidder in an auction to purchase the Yardley-based company, which filed for bankruptcy last September. The company had previously filed for bankruptcy in 2009. CEO John Paton cited onerous building leases and other "legacy obligations" as a factor in the most recent bankruptcy filing. Citing an article in the New Haven Register, Journal Register Company's flagship newspaper, Crain's …
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