Alden Global Capital has acquired substantially all of its assets of Journal Register Company through a Chapter 11 Section 363 process. This transaction was approved by the Bankruptcy Court in March 2013 and closed in April 2013.
Alden, which acquired substantially all of the senior debt and equity of Journal Register in mid-2011, was the stalking horse bidder during the bankruptcy process. Alden’s bid was ultimately the highest and best price for Journal Register and the sale closed in early April.
Journal Register is an online and print provider of local news, sports, business and lifestyle information. The company owns and operates 18 daily newspapers, 127 non-daily newspapers, 237 websites, 38 smart phone and digital applications and 19 mobile sites. Journal Register serves customers in Philadelphia, Detroit, Cleveland, and the Saratoga and Mid-Hudson regions of New York State. The company maintains corporate headquarters in New York and Fairless Hills, PA (www.journalregister.com).
Alden Global Capital invests in US and foreign distressed securities as well as emerging market economies. The firm was founded in 2007 and has offices in New York, London, Dubai, Mumbai, New Jersey and Texas (www.aldenglobal.com).
SSG Capital Advisors (www.ssgca.com), a Philadelphia-based investment bank, acted as the exclusive investment banker and financial advisor to Journal Register Company.
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-5-13
