By: E&P Staff
Journal Register Co. has announced that is has officially emerged from Chapter 11 and has closed on its exit financing. The loan agreements are with JP Morgan Chase bank for $150 million, Wells Fargo for $75 million, and a revolving credit facility with Wachovia Bank.
The company is now privately held by pre-petition secured lenders who have been issued new common stock of the company. The common stock of the company that was issued pre-petition was cancelled with no distribution to equity holders.
The company appointed a new board consisting of four directors: Joseph A. Ripp, the former CFO of Time Warner; Michael Diament, a former portfolio manager for Q Investments; Peter H. Glusker, head of business development and International for Gilt Groupe; and John Paton, chairman and CEO of impreMedia.
Journal Register filed for bankruptcy protection six months ago under a $692 million debt load.
“We would like to thank our employees, lenders and advisors for their hard work and many sacrifices to bring the reorganization to a successful conclusion,” Robert P. Conway, interim CEO of Journal Register, said in a statement.