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Daytona newspaper's parent company hires bankruptcy lawyer
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Published: April 17, 2009
ORLANDO - A lawyer representing The News-Journal Corp. says the newspaper company might consider bankruptcy to keep the Daytona Beach publication in operation.
The company has hired a lawyer to look into reorganizing its debt as a way to break away from minority partner Cox Enterprises.
Bruce A. Hanna, who represents the newspaper, told a federal judge Thursday that the strategy could "potentially allow The News-Journal to continue operating, thereby saving several hundred jobs."
Atlanta-based Cox owns nearly half of the News-Journal and had sued the newspaper's board of directors, accusing it of wasting $13 million for naming rights to a community arts center in Daytona Beach.
A Cox attorney argued that declaring bankruptcy would make it harder to sell the paper.
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