Freedom Communications to seek bankruptcy protection
Posted on Friday, November 13th, 2015 at 4:45 pm
California-based media conglomerate Freedom Communications has recently filed for bankruptcy and is preparing to sell the company to potential investors in a court supervised auction, the New York Times reported on November 1.
Company CEO Rich Mirman stated that he has already coordinated with potential investors and intends to lead a groups of interested parties in bidding on the company. While Freedom Communications, the owner of The Orange County Register, is projected to make a profit this quarter, the company will be unable to settle their overwhelming debt and other financial obligations. According to reports, Freedom apparently lost $40 million in revenue in previous years.
Despite the fact that the company has sought bankruptcy protection, Mirman assured newspaper staff members at The Register and the company’s other news source, The Press-Enterprise in Riverside, that their pension plans would not be affected and that daily operations would not undergo any major changes for the time being.
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