Journal Register Halts Auction For $122M Stalking Horse Deal

Law360, New York (February 12, 2013, 8:59 PM EST) -- Newspaper group Journal Register Co. announced Tuesday that it had scrapped Friday's scheduled bankruptcy auction due to lack of interest and would seek court approval for its sale to $122 million stalking-horse bidder, a unit of hedge fund Alden Global Capital LLC.

JRC filed the cancellation notice in New York bankruptcy court after no qualified bidders emerged by the Monday afternoon deadline to challenge stalking horse 21st CMH Acquisition Co., whose offer is primarily based on debts held by other Alden units.

CMH's offer includes a...
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