Local mega-bank PNC may take over operations of the Brown Publishing Company following the Brown family’s unsuccessful bid to re-buy the family owned company as it came out of bankruptcy.
As reported in Editor&Publisher this morning, Brown’s financing companies have backed out of the $22.4 million dollar deal Brown proposed to buy the company for, after declaring more than $100 million in debts and liabilities.
Brown Publishing now looks for PNC to buy the company as the second highest bidder in the auction. PNC was also the bank that assumed the brunt of the massive $100 million dollar write-down during the bankruptcy, so it is possible that they may not be keen to throw more money into the failed operation.
Read the whole story as reported by Mark Fitzgerald at Editor&Publisher.
