Journal Register Company files for Chapter 11
Journal Register Company today announced that the Company and its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York to implement a pre-negotiated plan of reorganization with certain of its secured lenders designed to substantially reduce the Company's debt.
The publisher of Reader's Digest, the country's most popular general interest magazine, said today it will file for Chapter 11 protection with a plan to swap a portion of its debt for ownership of the company.