U.S. publisher Journal Register emerges from bankruptcy
Aug 12 (Reuters) - U.S. publisher Journal Register Co JRCOQ.PK which filed for Chapter 11 protection in February, said on its website that it had emerged from bankruptcy.
The Yardley, Pennsylvania-based publisher said it closed on its exit financing consisting of $150 million from JPMorgan Chase & Co (JPM.N: Cotización) and $75 million from Wells Fargo & Co (WFC.N: Cotización) as well as a new credit agreement with Wachovia.
JPMorgan and Wells Fargo were acting as administrative agents, according to the publisher's website.
When it filed for bankruptcy, Journal Register operated 20 daily newspapers, including the New Haven Register and the Trentonian, and more than 300 non-daily publications and websites.
The publisher's Chapter 11 plan, which was approved last month, called for converting secured lenders' debt into 100 percent of the equity in a reorganized company, as well as new secured loans, court records show. Unsecured creditors would also receive some distributions, while shareholders would be wiped out. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Lincoln Feast)
© Thomson Reuters 2017 All rights reserved.