By Phil Riske, managing editor | Rose Law Group Reporter
I was surprised a couple weeks ago when I learned the parent company of Arizona Capitol Times was in deep doo-doo financially. I worked at that newspaper for seven years and during that time, owner Dolan Media was expanding rapidly, with purchases of non-newspaper-related businesses.
Dolan, based in Minneapolis, today announced it would seek bankruptcy protection under Chapter 11 next week in a process company officials say should result in a speedy exit from bankruptcy and smooth continued operation of the company. James P. Dolan, founder of The Dolan Company and its president, chief executive officer and chairman of the board since it began in 1992, is resigning and will not be part of the restructured company.
The newspaper today says that under the process, known as a “pre-packaged bankruptcy,” its vendors and other unsecured creditors are expected to be paid in full.
We’ll see. It’s a good reminder of the business axiom “stick to the knitting.”
The good news is Capitol Times is profitable and expected to keep on keeping on.
If you’re a political/government junkie, Arizona Capitol Times is the place to turn. It has been named the Best Newspaper for its size in Arizona by the Arizona Press Association for the past two years because it covers the Capitol far better than the nearest competition.
If you’re not familiar with the paper, you should subscribe (www.azcapitoltimes.com) .
And hat’s off to my former colleagues in the Cap Times newsroom as they look forward to recovery of the rest of the family.
