Friday, May 24, 2019

MediaNews Group bids for Reading Eagle


New York hedge fund Alden Global Capital’s MediaNews Group has made the only qualified bid for Reading Eagle Company's assets, the Reading Eagle reported. 
A scheduled auction of the company's assets was canceled, as there was one bid.
A federal bankruptcy judge would have to approve the bid. A hearing on that is set for May 22 in Reading.
Denver-based MediaNews Group owns 97 publications around the U.S., MediaNews Group’s website says. 
The Reading Eagle Company filed for bankruptcy protection under Chapter 11 on March 20.
Family-owned Reading Eagle Company includes the Reading Eagle, WEEU 830 AM, the weekly South Schuylkill News, Pretzel City Productions and its commercial printing subsidiary REP. The company has a staff of 234.
Company President and CEO Peter D. Barbey praised employees for "their dedication and professionalism during this stressful time and for maintaining the standards that our readers have come to expect."

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