The Los Angeles Times’ owner may be joined by the Daily News’ owner as bidders for the Orange County Register.
At a hearing in U.S. Bankruptcy Court in Santa Ana on Friday, an attorney for Freedom Communications, which owns the O.C. Register, said a third party may offer $3 million to help the publisher fund operations in bankruptcy, the newspaper reports.
Attorney William Lobel said the loan offer came from Digital First Media, publisher of the Los Angeles Daily News, the Press-Telegram in Long Beach and others.
Last week, Tribune Publishing, which owns the Los Angeles Times and San Diego Union-Tribune, offered Freedom $3 million, while Silverpoint Capital, an investment firm based in Greenwich, Conn. made a similar proposal. Those who make a loan to a debtor in bankruptcy often end up buying that company.
And there may be others interested. Lobel said he expects Santa Ana developer Mike Harrah to throw his hat into the ring with a $3 million loan offer as well, according to the Register.
The lender may be established at a hearing on Dec. 14 at U.S. Bankruptcy Court in Santa Ana, the Register reports.
Freedom Communications filed for bankruptcy protection Nov. 1 after losing more than $40 million in two years.
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