Bankruptcy court approves sale of newspaper
Posted on Tuesday, August 3rd, 2010 at 3:09 pm
A federal bankruptcy court approved the sale of an Ohio-based newspaper chain, Brown Publishing Co. A group of people within the company, led by the current president, wanted to purchase the media company.
The court approved the $26 million sale of the company and ruled the chain could be purchased for $22.4 million. The chain involves papers in Ohio, New York, South Carolina, Iowa, Illinois, and Colorado. The judge did deny the purchase of three properties with the newspaper because she said that they were not marked at the highest price possible.
Many were happy with the sale because it would save over 800 jobs. Brown Media Holdings Co., which is now Brown Publishing Co., filed for Chapter 11 bankruptcy relief in May. Brown is the most recent publishing company that has filed for bankruptcy.
If you are considering purchasing a business, you need experienced representation on your side. Contact the Des Moines business sale and purchases lawyers of LaMarca Law Group, P.C., P.C. by calling (877) 327-2600.