East Coast, West Coast: one paper files for bankruptcy, another just disappears
The Free Lance–Star Publishing Co. today filed papers with a bankruptcy court judge in Richmond, Virginia. The filing puts to an end the 150-year ownership of the Fredericksburg newspaper.
The new owner will likely be New York City-based Sandton Capital Partners, according to the newspaper’s own report on the filing. The company has a loan balance of about $38 million.
On the west coast, The Borregan, a start-up paper has shut down. Established by the former editor of the Borrego Sun, Casey Jones, the twice-monthly paper could not make a go of it in small town in San Diego County.
After a salary dispute with the owner of the Sun, Jones and his wife Lois founded the paper but could not sell enough advertising to survive, according to the San Diego Union Tribune’s report.
“Casey and I regret to tell you that we have stopped publication of The Borregan due to poor ad sales,” Jones wrote his advertisers via email. “We appreciate the support you have given us, and apologize for any inconvenience this may cause. Good luck with your business endeavors.”