SOURCE: Digital First Media, Inc.
NEW YORK, NY--(Marketwire - Dec 20, 2012) - Digital First Media, which operates MediaNews Group, Journal Register Company and Digital First Ventures, today announced the U.S. Bankruptcy Court for the Southern District of New York has approved the bid procedures, sale process and timeline for Journal Register Company's auction and sale process.
"We are pleased that the Court has approved the dates for competing bids and the auction and that Journal Register Company has now received the full support and cooperation in the sales process with the Official Creditors Committee," said John Paton, Chief Executive Officer of Digital First Media.
The public auction is expected to conclude on or before February 15, 2013 with the Court approving the winning bid by February 21, 2013.
The "stalking horse" bid filed by 21st CMH Acquisition Co., an affiliate of funds managed by Alden Global Capital LLC, is structured so all post-petition payables and substantially all pre-petition trade creditors' claims are assumed.
About Digital First Media
Digital First Media (www.DigitalFirstMedia.com) is headquartered in New York City, and jointly manages MediaNews Group and Journal Register Company. Digital First Media reaches 61.5 million Americans each month through more than 800 multi-platform products across 18 states.
About MediaNews Group, Inc.
MediaNews Group, Inc. (www.medianewsgroup.com) is the nation's second largest newspaper company as measured by circulation, with headquarters in Denver, Colorado. MediaNews Group and its affiliated companies publish 57 daily newspapers and more than 100 non-daily publications in 11 states.
About Journal Register Company
Journal Register Company is a leader in local news and information in 10 states. The Company's more than 350 multi-platform products reach an audience of 21 million people each month. For more information visit the company website at www.JournalRegister.com.
About Digital First Ventures
Digital First Ventures (DFV) is focused on helping media entrepreneurs incubate, accelerate and validate their start-up companies in the news, content, sales and audience development space. As a division of Digital First Media -- which operates more than 800 media products serving 61.5 million customers each month and annual revenues of more than $1.4 billion -- DFV is ideally suited to accelerate value creation for media start-ups.