Owner of the Orange County Register, Freedom Communications Inc., filed for bankruptcy this past Halloween weekend in a management-led plan to acquire the failing newspaper company. Freedom’s publisher and CEO, Rich Mirman, has gotten together with local investors and filed for bankruptcy this past Sunday in an attempt to reorganize the O.C. Register’s finances. Mirman has been in control of the day-to-day operations for the Orange County Register for around a year to date.
As reported by the newspaper, Mr. Mirman and his team of investors hope the bankruptcy proceedings will help reorganize the debts incurred since investors Aaron Kushner and Eric Spitz bought the company three years ago. This bankruptcy plan is designed to put an end Kushner’s ownership stake in Freedom Communications Inc., but still allowing Mr. Spitz to remain an investor and company chairman.
“We’re turning the page and starting a new chapter,” Mirman said. “We’ve gone through a few rocky years, and we need to redefine ourselves.”
