Sunday, February 22, 2009

American Publishing House Journal Register announced bankruptcy.

American publishing company Journal Register has announced the commencement of bankruptcy proceedings, the Associated Press. The appeal, issued on Saturday, February 21, at the publishing house says that the company was forced to take the 11th article of the U.S. bankruptcy law, providing protection from creditors.

"The restructuring will not affect the work of our company, all publications will come out in normal mode," - said the head of the board and executive director of Journal Register, James Hall (James W. Hall).

As at 30 November 2008, the assets of the publishing house was estimated at 596 million dollars and debts of the company exceeded 692 million. With the restructuring plan, which the publishing house has prepared to resort to the 11 th article of the law on bankruptcy, agreed to 27 out of 37 creditors Journal Register, including the bank JP Morgan Chase.

Publishing House Journal Register, which is headquartered in Philadelphia, publishes 179 newspapers, including 20 emerging daily. Journal Register publications are distributed in Michigan, Connecticut, as well as parts of New York State, in the cities of Cleveland and Philadelphia. In the publishing house has about 3,5 thousand employees.

1 comment:

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