Newspaper Publisher Journal Register Files for Bankruptcy and Plans for a Sale - NYTimes.com
But Mr. Paton stressed that all of these efforts cannot make up for
the company’s advertising revenue losses, which declined by 19 percent
from 2009 to 2011. It also faces growing legacy costs. The company still
carries $160 million in debt. It is also burdened by the leases it
signed to house employees it needed when the company was nearly double
its size. And its pension fund liabilities only continue to grow.
“This
is about taking the necessary steps to deal with the obligations the
company entered into when it was bigger. The company was nearly twice
the size in revenue in 2005,” said Mr. Paton in an interview. “What we
can’t do is pay for the past. If we could, we would.”
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