NEW YORK (AP) – A bankruptcy judge says newspaper publisher Journal Register Co. can sell its assets to an affiliate of its current owner.
A federal bankruptcy court judge in Manhattan on Thursday approved the sale of assets controlled by the publisher of more than a dozen local newspapers.
The judge found a union’s objection to the sale lacks merit because a collective bargaining agreement will expire before the sale closes.
The decision clears the way for 21st CMH Acquisition Corp. to buy the assets for $114 million in secured debt and $6 million cash.
The Yardley, Pa.-based Journal Register Co. publishes 18 papers between New England and Michigan and estimates its total print and online audience at 21 million. It filed for bankruptcy in September.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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