Publisher Of Walker, Catoosa Newspapers Files For Bankruptcy In Rome, Ga.

Thursday, January 3, 2013

The publisher of newspapers serving Walker and Catoosa counties has filed bankruptcy in Rome, Ga.

Burgett H. Mooney III, president of the News Publishing Company, said he plans to reorganize and keep the newspapers going.

They include the Walker County Messenger (2,600 circulation weekly), the Catoosa County News (1,800 circulation weekly), Rome News Tribune (14,000 daily), Cherokee County Herald (2,500 weekly), Calhoun Times (5,000 weekly), and the Rockmart Journal (1,600 weekly).

 

The newspaper chain is facing over $9 million in debts.

Synovus Bank is owed over $860,000 and Greater Rome Bank over $768,000.

Mr. Mooney said the newspaper chain "has experienced continuing financial difficulty as a result of significant decreases in advertising revenue between October 2008 and December 2012 due to negative market conditions."

He said the newspaper's main revenue source is local retail advertising "and the effect of changes in retail sales have adversely impacted revenue, particularly in the community newspapers."

Mr. Mooney said the chain "has both eliminated unprofitable publications and downsized staffing for its operations in response to its ongoing liquidity needs."

He said the firm considered an out-of-court restructuring or a sale, but "it became clear to the management and board of directors that an out-of-court restructuring could not be accomplished sufficiently quickly to meet the liquidity needs."

Mr. Mooney said the monthly payroll is approximately $380,000. He said newspaper carriers are paid $90,000 per month.

The firm has 143 fulltime employees, including 84 paid on an hourly basis and 59 on a fixed salary.There are 98 carriers.

 


AAF Chattanooga Awards Competition Nets 3 Golds For ndp

The advertising agency ndp won three golds in the AAF Chattanooga American Advertising Awards 2017 on Feb. 18 for Universal Fibers and an agency self promotion. The agency won two golds for Universal Fibers, which offers finished yarns in both single colors and multi-end specialties. One gold was for a print ad touting their Aloe line of color, showing carpet fibers woven ... (click for more)

Thompson Engineering Promotes Sharon Braden To Office Manager

Thompson Engineering announced that Sharon Braden will serve as the Office Manager supporting company operations in Chattanooga and Knoxville. Ms. Braden has been with Thompson since 2009 serving as regional business development manager. “Sharon is a valued member of the Thompson Engineering team and we are thrilled for her to take on this new role to continue our success in ... (click for more)

Commissioner Boyd Asks County Auditor To Get Detailed Data On Visitors Bureau Spending; Graham Says CVB Should Be Left Alone

County Commission Finance Committee Chairman Tim Boyd said he is asking County Auditor Jenneth Randall to supply him with details about spending at the Chattanooga Visitors Bureau, including actual credit card and travel expense statements. He said he also wanted copies of contracts for office renovations made to the SunTrust Building 18th floor where the CVB has offices and all ... (click for more)

Developer Agrees To Set Aside 5 "Affordable" Units At Bread Factory Lofts After City Board Is Vote Short Of Approving Refinancing

A South Carolina developer who is purchasing the Bread Factory Lofts on the Southside agreed to set aside five units for "affordable housing" in order to get the approval of a city board for the financing of the purchase. Only four members of the Health, Education and Housing Facility Board were present, and Lloyd Longnion said he would not give approval unless the developer ... (click for more)

Getting The Message

Our school age youth have inspired me with their responses during “Q and A” sessions after my readings as a volunteer during African American History Celebrations and Read across America Celebration, too.  Before this school year, I read to classes at Orchard Knob Elementary School and at Rivermont Elementary School, here in Hamilton County.   Their answers to factual ... (click for more)

Roy Exum: Ed Chief ‘Embarrassed’

At the start of the school year in September, Tennessee’s Commissioner of Education Dr. Candice McQueen held an “educational summit” with state legislators from embattled Hamilton County. The entire “summit” took a prescribed 90 minutes and was such a dog-and-pony show her strongest statement was, "Create your plan around the right vision, have some metrics and align to the right ... (click for more)