Freedom Communications files for Chapter 11 bankruptcy protection
Posted on Friday, November 6th, 2015 at 1:06 pm
The media company that owns The Orange County Register filed for Chapter 11 bankruptcy protection Nov. 1 after a long struggle with debt. The company has accrued over $40 million in debt over the past few years. Freedom Communications is reportedly interested in selling the company to the publisher and local investors.
Rich Mirman is the current chief executive of Freedom Communications and publisher of The Register. He is the head of a group of investors that seek to purchase the company from the court-supervised auction resulting from the bankruptcy. The auction could entice competition, however, and other media groups may bid on the influential corporation.
While the bankruptcy proceedings are underway, day-to-day operations are expected to continue as normal. The Register and The Press-Enterprise, the two print newspapers, will continue being distributed. This will also affect neither the advertisers nor subscribers to the publications.
This is not the first time Freedom Communications has filed for bankruptcy. In 2009, the company was taken over by a conglomeration of hedge funds when the original family-owned corporation filed for bankruptcy. The newest bankruptcy will end within the next 60 to 90 days when the company is auctioned off to the highest bidder.
Chapter 11 bankruptcy is a complex process that may be ultimately beneficial for a company, however this is not often the outcome without an experienced bankruptcy attorney. At the Bradford Law Offices, PLLC, our Chapter 11 bankruptcy lawyers are prepared work diligently for you and your business. Please call (919) 758-8879 today for more information on hour our firm can help you.