Saturday, March 30, 2019

Reading Eagle Co. files for Chap. 11, seeks loan


The Reading Eagle Company (Pennsylvania) wants to borrow $1.5 million for expenses during its bankruptcy process, the Reading Eagle reported. 
The company filed for Chapter 11 bankruptcy protection last week.
A motion filed in U.S. Bankruptcy Court says the company aims to get a loan from BWH Media, a subsidiary of Reading Eagle Company President and CEO Peter D. Barbey's Black Walnut Holdings. The company owes BWH around $17 million, the paper says. BWH is the media firm’s biggest creditor.
The company says it needs the loan to keep running, the motion says, according to the paper.
The Reading Eagle Company includes the Reading Eagle, WEEU 830 AM, the South Schuylkill News, Pretzel City Productions and its commercial printing subsidiary REP. The media company has 236 full-time workers and 20 part-time.

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