Sunday, February 22, 2009

Journal Register declares bankruptcy

The Journal Register filed for bankruptcy protection late Friday. The chain has 20 daily newspapers and $692 million in debt. The company was delisted from the New York Stock Exchange last April. More info here.
.
.

7 comments:

Anonymous said...

(Sniffing the air) MNI, very soon your time.

Archer05 said...

This is an interesting statement: “Our business will continue its normal operations.”
Now, if they would just define “normal operations.” The 'leaner' description is not good news for employees.
------------
“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.”]

Anonymous said...

"The Company has filed a number of customary first day motions asking the Court for permission to, among other things, continue to pay employee wages and salaries and to provide employee benefits without interruption."

Anonymous said...

Oh, well then they're right back in business huh?

Move on folks, nothing to see here.

"He's dead Jim"

Anonymous said...

At the risk of enraging the snarkey self-appointed police of this blog, I just want to say that the decline of the stock and the apparent death throes of MNI we are witnessing now are very unsettling. Even though the employees and many blog readers have seen it coming, it is still terribly sad and painful to see. The layoffs and job losses are hurting many people. The job market is shrinking, and there appears to be little call for journalists any more.

Anonymous said...

Anon 8:47 I do agree with you.

But in this neo quasi-capitalistic socialistic model we now live in, you must admit, having a plethora of liberal spewing America hating journalists to pick from, supply and demand wise, makes them, frankly, dime a dozen fungible automatons.

Therefore, you can simply take your pick. “I’ll take three Marxists, three union hacks, three no borders reporters, for say 25K per year each."

Makes for real interesting news huh?

I smell much more newspaper carnage.

Anonymous said...

10:33 PM

Oh how I wish I had said that. Now I am stuck with tears and a stomach ache from laughter.

As the Marxist said to the No Border reporter..."Oh, thank you so much, that was cogent and highly enlightening. Well said, dahlin."