Journal Register Co. Reaches Proposed Settlement with Connecticut Over Taxes

Posted Friday, July 24, 2009 12:00 am

By: Newspaper publisher Journal Register Co. has reached a proposed settlement with Connecticut officials in which the company will pay $11 million to settle claims for income taxes.

The deal comes as a federal bankruptcy judge in New York earlier this month cleared the way for Journal Register to emerge from Chapter 11 protection.

Yardley, Pa.-based Journal Register publishes the New Haven Register and dozens of other newspapers. Like almost all publishers, it has been pummeled by declining advertising revenue.

Connecticut officials had alleged that improper deductions were taken on the company's tax returns and sought $21 million in adjustments. The settlement, which must be approved by the bankruptcy judge, calls for Journal Register to pay $11 million by 2014.

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Journal Register Co. Reaches Proposed Settlement with Connecticut Over Taxes

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