Report: Brown Publishing bankruptcy hearing set for May 20
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The Business Courier of Cincinnati (www.bizjournals.com) reports Tuesday, May 18 that "Brown Publishing Co. has proposed to a New York bankruptcy court that its assets be sold to a recently formed company owned by its CEO Roy Brown, general counsel Joel Dempsey, and CFO Joseph Ellingham."
The Business Courier further reports, "Terms of the proposed sale are outlined in an asset purchase agreement entered into by Brown Publishing and the new company, Brown Media Corp., on May 4, days after Brown filed a Chapter 11 petition for bankruptcy protection. Brown Media would pay $15 million under that agreement for substantially all of Brown Publishing's assets, free and clear of all liens and claims.
"The proposed sale, which is subject to court approval, would be conditioned on the possible receipt of a higher bid at auction. Several claimants of Brown Publishing have filed objections to the proposed sale and auction procedures. A hearing on Brown's motion to sell is scheduled for May 20."
Brown owns The Times-Gazette and County Shopper in Hillsboro. Brown also owns newspapers in surrounding counties, including: The Wilmington News Journal and Star Republican, The Record Herald in Washington C.H., The People’s Defender in West Union, The News Democrat in Georgetown and The Ripley Bee.[[In-content Ad]]
The Business Courier further reports, "Terms of the proposed sale are outlined in an asset purchase agreement entered into by Brown Publishing and the new company, Brown Media Corp., on May 4, days after Brown filed a Chapter 11 petition for bankruptcy protection. Brown Media would pay $15 million under that agreement for substantially all of Brown Publishing's assets, free and clear of all liens and claims.
"The proposed sale, which is subject to court approval, would be conditioned on the possible receipt of a higher bid at auction. Several claimants of Brown Publishing have filed objections to the proposed sale and auction procedures. A hearing on Brown's motion to sell is scheduled for May 20."
Brown owns The Times-Gazette and County Shopper in Hillsboro. Brown also owns newspapers in surrounding counties, including: The Wilmington News Journal and Star Republican, The Record Herald in Washington C.H., The People’s Defender in West Union, The News Democrat in Georgetown and The Ripley Bee.[[In-content Ad]]