Bad news from the sister company of MediaNews Group, publisher of the Mercury News and its Bay Area editions—the Journal Register Company has filed for Chapter 11 bankruptcy. In a memo to the troops in the far-flung, multi-layered and multi-named empire that Dean Singleton built, CEO John Paton spins it as best he can. He says the bankruptcy will allow the company to get out from under $160 million in debt. Left unsaid: It could also allow the company to dump millions of dollars in pension obligations. Here’s the last line:
And while I get this news may make some of you nervous, don’t let it. Concentrate on the job at hand and we will work through this. This really is the right decision for Journal Register Company.
And immediately beneath the signature of his personal blog post? A video ad for Revlon.
[Hat tip: San Francisco Peninsula Press Club]