READING (AP) — An effort is underway to try to maintain local control of the company that publishes the Reading Eagle newspaper, following its filing for bankruptcy protection.
Documents filed Thursday in U.S. bankruptcy court revealed that the Reading Eagle Co.’s chief financial officer is seeking to put together a group of community investors to make a bid for the media company.
Shawn Moliatu said he wants to maintain the traditions of a family-owned newspaper that has served the Reading area for over 150 years.
The company’s other properties include news-talk radio station WEEU and a weekly newspaper. It announced Wednesday it will continue to publish and broadcast under Chapter 11 bankruptcy rules while it seeks a buyer.
The company listed assets at just over $15 million and liabilities at just under $38.5 million, and reported a sharp drop in ad revenues.
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