Journal Register Co. files for bankruptcy - again

Judge approves the shell-game deal (JRC selling itself to itself). Copy editors, composing room and classified ad staff notified they will be laid off.

http://www.bloomberg.com/news/2013-03-21/journal-register-approved-to-sell-assets-in-bankruptcy-court-1-.html

 

That sucks, but somewhat predictable.

 

Now comes waiting until April 17, wondering what our futures are going to be. Ugh.

 

The date of the corporate handover from the corpse of JRC to the new shell company was moved up from April 17 to April 2, to head off possible walkouts by union workers in line to be laid off. So they'll be out the door next week.

Word also is that for any union members fortunate enough to get job offers from this gleaming new corporation (under utterly at-will conditions), in addition to the 15 percent pay cut, they will not be eligible for ANY vacation (at all) until they complete one full calendar year of employment.


In other words: NO vacation until 2015.

 

At which time, they'll probably try these shenanigans again since it worked so well the first time.

 

They must have been reading my strike idea on this thread.

Shit, walk out now. Let them figure out how to put out a paper for the next 8 days.

 

If you walk out: no unemployment.

Also, JRC owns a bunch of weeklies and the Oakland Press, within 50 miles or so, all non-union.

Whether it's April 17, April 2 or tomorrow morning, they'll just bring in the scabs. They'll get some kind of paper on the streets.

 

Take whatever sick/vacation time left available. And JRC already fired the workers. The scab thing would probably make things moot, though. They'd just threaten to fire the others unless they scabbed.

 

God, this sucks in so many ways...

 

Wait till CNHI starts pulling this crap Colton

 

We just got word the eff days will continue to be in place next quarter.

 

Well, it's official - April 2 is the day. At least we'll find out our fates sooner.
--------------
Digital First Media Announces
Sale Date for Journal Register Company


New York, NY (March 28, 2013) – Digital First Media today announced the U.S. Bankruptcy Court for the Southern District of New York has granted final approval for the sale of the assets of Journal Register Company and its affiliates to 21st CMH Acquisition Co. The parties have set April 2 as the sale date for Journal Register Company.

“We are pleased to have received final approval for the sale and to establish a sale date for Journal Register Company,” said John Paton, Chief Executive Officer of Digital First Media. “We thank the Court, the Official Creditors Committee, our vendors, our customers and our employees as we move forward and complete the transaction.”

The Company is being sold to 21st CMH Acquisition Co., an affiliate of funds managed by Alden Global Capital.


About Digital First Media
Digital First Media 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.