The Bulletin announced on the front page of this morning’s paper that its parent company, Western Communications, had filed for Chapter 11 bankruptcy in a federal court yesterday.
The article, which ran alongside a lengthy front-page editorial by editor John Costa, insists that the company, and in turn, The Bulletin, would continue to operate and that the bankruptcy move is intended to protect the company while it renegotiates the terms of its $18 million in loans with Bank of America.
Bulletin publisher Gordon Black was quoted as saying that the argument between the company and the bank is focused on the interest rates and terms of the loans. Black also said in the article that Western Communications’ revenues have dropped by about 25 percent since 2007.
We’re awaiting a return call from Black for further comment on today’s news and we’ll keep you posted as we learn more.