Journal Register files for bankruptcy protection

PHILADELPHIA: The Journal Register Co, publisher of the New Haven (Conn) Register and other newspapers, has filed for bankruptcy protection, joining at least two other publishers that turned to bankruptcy court in recent months amid slumping advertising revenue and circulation.

The Yardley, Pennsylvania-based company said in a statement posted yesterday on its Website that it expects to operate as usual during restructuring and didn't anticipate any interruption in business. Its New Haven Register is one of the oldest US newspapers.

"We intend to emerge from the (bankruptcy) process stronger, leaner and more financially viable in the current environment. ... Our business will continue its normal operations and we will publish content as usual throughout this process," Chairman and Chief Executive James W Hall said in the statement.

The publisher has been struggling for months with sagging circulation and advertising revenues and a massive debt, which pushed its credit rating into junk status. The company's stock, which traded as high as $23.875 a decade ago, was removed from the listings of the New York Stock Exchange in April and traded for less than one cent on Friday.