Freedom Communications Inc., parent company of the Orange County Register, filed for Chapter 11 bankruptcy protection today. The action was taken in Federal Court in Delaware. The plan is to reorganize the company’s debt of $770 million down to about $325 million. Under the reorganization plan, a new board of directors and new CEO will be selected by the creditors.
The full story can be found here at the LATimes.com.
Didn’t the CEO just write an Op Ed piece declaring all is well?
The Register’s biggest problem on its editorial stance is it exclusively kicks public employees as being overpaid and underworked. Meanwhile the examples of private sector employees living just as good if not better at the public trough is never mentioned.
While the Register may believe no one is paying attention, it’s obvious that isn’t the case.