The Journal Register Company signed a "stalking horse" agreement with 21st CMH Acquisition Co., a unit of Alden Global Capital. JRC declared bankruptcy in September.
The purchase may seem a little weird because Alden already owns Journal Register Company. At the time JRC declared bankruptcy, Digital First Media CEO John Paton sent an FAQ to employees (PDF) that said the company could "no longer afford the legacy obligations incurred in the past."
Many of those obligations, such as leases, were entered into in the past when revenues, at their peak, were nearly twice as big as they are today and are no longer sustainable. (more...)