Monday, August 31, 2009

Bankruptcy for Financially Squeezed Orange County Register Looms

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Irvine, Calif.-based Freedom Communications, which owns eight television stations and 31 daily newspapers, including The Orange County Register, is expected to file Chapter 11 bankruptcy this week, handing control over to lenders who hold approximately $770 million in debt.

The Register has an average daily circulation of 230,877 and Sunday sales of roughly 300,000 for the six months ending March 31, 2009, according to the Audit Bureau of Circulations.  The Hoiles family has been majority owners of Freedom Communications for more than 70 years.

Freedom suspended its dividend a year ago and in June 2009, announced an across-the-board 5 percent salary reduction for employees.

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