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.

 


Tennessee American Water And Chambliss Center For Children Kick-Off Summer At Annual Pool Party

Tennessee American Water and Chambliss Center for Children kicked-off the summer season with a pool party for the children participating in the summer program. Tennessee American Water filled up the more than 35,000-gallon pool at no cost to Chambliss Center for Children. “Clean and reliable water is an essential life resource. We are committed to providing high quality water ... (click for more)

Hixson Dentist Awarded Tennessee Dental Association Fellowship

Dr. Michael R. Johnson, a Hixson dentist, received the prestigious Tennessee Dental Association (TDA) Fellowship Award during the recent Music City Dental Conference held in Nashville, the 149th annual meeting of the TDA. The Fellowship Award is presented to no more than twelve deserving Tennessee dentists each year who make noteworthy contributions of their time and talent toward ... (click for more)

Large Hole Develops In Lane Of I-24 Eastbound Over Chestnut Street; Emergency Repair Undertaken

 A large hole developed in the I-24 eastbound bridge over Chestnut Street in Chattanooga on Sunday evening. Jennifer Flynn of TDOT said, "The hole is such that we are having to close a lane to protect traffic.  This will cause a significant backup in traffic, especially given the holiday.  "This is the same bridge, but different location that we recently did ... (click for more)

12 Lost Hikers Rescued At Rainbow Lake, Edwards Point

Eleven adults and a child were briefly lost at Rainbow Lake and Edwards Point trails on Signal Mountain on Sunday. A 911 call was made at 9:45 p.m. from one of the hikers reporting the group lost sunlight hiking out of the trails at Edwards Point. Th Signal Mountain Fire Department and the Walden's Ridge Emergency Services have responded to the scene to ... (click for more)

Parking Discrimination Downtown

Many taxpayers who reside in Chattanooga (but outside Chattanooga's core) feel left behind when it comes to neighborhood paving, sidewalks, policing, streetscaping, street sweeping, public transportation, and other services. Some think most tax dollars are spent on downtown and not in their neighborhoods. It's not as if they can't vicariously experience the largesse of downtown. ... (click for more)

Roy Exum: One Nameless Ghost

One hundred years ago the United States was at war. The most intense fighting during World War I was on what was called The Western Front. The Germans wanted to invade France from the north and in order to do it, they had to push through Flanders province in Belgium. It has been described as a hell unequalled in raw hand-to-hand combat, In just four months on Flanders fields, ... (click for more)