Journal Register Committee Has Trade-Supplier Majority
Newspaper publisher Journal Register Co. has an official unsecured creditors’ committee with a majority representing trade suppliers.
The company initiated its second bankruptcy reorganization on Sept. 5. The U.S. Trustee appointed the official creditors’ representative yesterday.
The five-member committee includes the Pension Benefit Guaranty Corp. and the Communications Workers of America union. International Paper Co., with a claim listed for $111,000, is one of the three trade suppliers.
Journal Register already has interim approval to borrow $22.5 million from the existing revolving credit lender Wells Fargo Bank NA until a final Sept. 27 hearing, when the loan will increase to $25 million. The loan pays off pre-bankruptcy debt owed to the bank.