Nov 1, 2015 3:13 PM by News Staff
SANTA ANA, Calif. (AP) - Freedom Communications Inc., owner of the Orange County Register, has filed for bankruptcy, and the newspaper's publisher says he plans to lead a bid to purchase the troubled company.
The Santa Ana, California-based Register reported Sunday that Freedom filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court's Central District of California.
Rich Mirman, Freedom's chief executive and publisher, and other local investors plan to reorganize the company's finances and assume ownership.
Mirman says he expects the bankruptcy case to have no impact on day-to-day operations. He says staffing will remain steady and payments to employees, key vendors and partners will continue.
Mirman says the company expects to turn a profit in 2015 after losing $40 million-plus in the previous two years.
Copyright 2015 The Associated Press. All rights reserved.
1 day ago