By: E&P Staff
The Washington Times LLC has successfully averted a forced bankruptcy after filing papers citing an impending sale.
Writing for Bloomberg, Steven Church reports:
Should “an impending sale of the membership interests” of Washington Times succeed, the company would get $3.1 million in cash to pay creditors, lawyers for the publisher said in papers filed in U.S. Bankruptcy Court in Washington.
U.S. Bankruptcy Judge S. Martin Teel Jr. dismissed an involuntary bankruptcy petition filed against The Washington Times by Richard A. Steinbronn, a fired officer of an affiliate, who claimed the company owed two other affiliates $2 million and therefore should be under court protection.
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