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Legal News

: Breaking Legal News

Freedom asks court to OK sale of Ariz. newspapers

By (Breaking Legal News)

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Freedom Communications asked a bankruptcy judge on Tuesday to approve the sale of the East Valley Tribune and several other Phoenix-area publications for about $2 million.

Irvine, Calif.-based Freedom Communications Holdings Inc. put the Tribune up for sale shortly after it filed for bankruptcy protection in September. The company said it planned to close the paper Dec. 31 if no buyer emerged and estimated that shutting it down would cost $1.5 million.

Thirteenth Street Media, a Boulder, Colo.-based company owned by Randy Miller, made an offer for the Tribune in November. Miller expanded his bid in January to include the Daily News-Sun in Sun City, the Ahwatukee Foothills News, Glendale/Peoria Today, Surprise Today, and the Clipper direct-mail coupon magazine.

Because Freedom is under bankruptcy protection, a judge must approve the sale, which is contingent on no better offers being made. The motion filed in U.S. Bankruptcy Court in Delaware said Freedom would accept offers until March 5.

Freedom will continue to publish the papers pending court approval of the sale. Freedom will remain the owner of its other paper in Arizona, The Sun in Yuma.

Full post as published by Breaking Legal News on February 17, 2010 (boomark / email).

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