The Journal Register Company, publisher of 22 daily and 302 non-daily newspapers in the United States has filled for Chapter 11 bankruptcy protection.
According to the filing in U.S. Bankruptcy Court in Manhattan, Journal Register proposes a restructuring plan in which it would cancel its stock and become a company controlled by its lenders.
The company cited slumping advertising revenue and circulation for the filing.
The company reported $596 million in assets and $692 million in debt, according to AP.
Journal Register shut 33 regional weeklies earlier this month and warned then that more may be closed. The company serves Philadelphia, Michigan, Connecticut, the greater Cleveland area and parts of New York state.
Speculation that the Journal Register Company may file for bankruptcy first started to surface last year as the group disclosed growing losses.