NEW YORK — Journal Register Co., publisher of the New Haven (Conn.) Register and other newspapers, said it has emerged from bankruptcy protection and secured new financing from its lenders, six months after making its Chapter 11 filing.
The bankruptcy process was relatively quick because the company, before making its filing in February, had reached an agreement to cancel its stock and become a private company controlled by its lenders.
With that plan approved by a federal bankruptcy judge, the company said last week that it has received exit financing of $150 million from JPMorgan Chase and $75 million from Wells Fargo as well as a new credit agreement with Wachovia. Out from Chapter 11, the company can now make decisions without a judge's supervision.
The company continues under the management of interim CEO Robert Conway, who was hired as a chief restructuring officer last year and replaced former CEO James Hall after the bankruptcy filing.
The newspaper publisher, based in Yardley, Pa., sought protection from creditors amid one of the worst advertising declines in the industry's history.