Wednesday, September 02, 2009

Dunphy parent firm files Chapter 11 bankruptcy

Freedom Communications in Irvine, California, parent of the Orange County Register where former BJ staffer John Dunphy works, filed for Chapter 11 bankruptcy reorganization in a Delaware court. Dunphy is Team Leader/Web producer for ocregister.com, the paper's online outlet. He has survived three rounds of layoffs over the past 19 months and been involved with business and sports coverage at the paper and on the web site.

Freedom’s debt will be cut from $770 million plus to $325 million.

Banks will take over from the Hoiles family, which has owned the flagship Register since 1935 and grew the company to 33 dailies, 70 weeklies and other publications, and eight television stations.

The timing of the filing stopped Freedom's payment on a $28.9 million class action settlement with the Register’s carriers over whether they were properly classified as independent contractors.

The Tribune Co., owner of the Los Angeles Times, filed for bankruptcy last December followed in February by the owner of the Philadelphia Inquirer and Philadelphia Daily News. The Rocky Mountain News in Denver closed Feb. 27.

Click on the headline to read the full story of the Freedom Chapter 11 filing.

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