Journal Register files for bankruptcy protection
Bankruptcy
The Journal Register Co. filed Saturday for bankruptcy protection from its creditors and said slumping advertising revenue and circulation are to blame.
In the Chapter 11 filing in U.S. Bankruptcy Court in Manhattan, Journal Register proposed a restructuring plan in which it would cancel its stock and become a closely held company controlled by its lenders.
The Yardley, Pa.-based newspaper publisher reported $596 million in assets as of Nov. 30 and $692 million in debt, including unpaid interest. Revenue has fallen more than 20 percent since 2006, the company said in the court filing.
In the documents, company Chairman and Chief Executive James W. Hall said the recession had placed an even greater burden on an already distressed industry.
On Thursday, JP Morgan Chase & Co. and 26 of the company's 37 lenders agreed to the reorganization, according to a statement posted Saturday on the Journal Register's corporate Web site.
A phone message left for company spokesman Edward Yoakam at Journal Register's corporate offices was not immediately returned.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.