Brown Publishing is poised to sell its assets to a new company comprised of the same executives that currently own said assets. Brown, which is based in Ohio and filed for bankruptcy on April 30 of this year, is the publisher of 18 daily and 27 weekly newspapers. A proposal written by company CEO Roy Brown and CFO Joseph Ellington seeks to sell Brown’s current assets to the two men’s new firm, called Brown Media Corp.
The company currently owes about $105 million to creditors, with a declared value of $94 million as of late April. Many seeking claims from Brown are, expectedly, less than thrilled with Brown and Ellington’s proposed plan.