Report says June 28 auction scheduled on Brown publications

A report this week by www.businessweek.com says an auction is scheduled for June 28 to determine whether a $15+ million bid from insiders is the best offer for the business that recently filed for Chapter 11 bankruptcy protection. BusinessWeek.com said "The buying group includes Roy Brown, the president and chief executive officer. Dolan Media Co., publisher of the Long Island Business News, filed papers saying it's another potential bidder. "Closely held Brown, based in Cincinnati, listed assets of $94 million against debt totaling $104.6 million. First-lien lenders are owed $70.2 million on a revolving credit and term loan. Second-lien lenders are owed $24.3 million," BusinessWeek said. Brown has numerous daily, weekly, business and free publications in several states, including The Times-Gazette and County Shopper (which recently was renamed Highland County Shopper) in Hillsboro. [[In-content Ad]]

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