ANCHORAGE, Alaska (AP) — The Latest on the bankruptcy of Alaska's largest newspaper (all times local):
A federal bankruptcy judge has approved the sale of Alaska's largest newspaper for $1 million, saving the paper from folding.
Judge Gary Spraker made his decision Monday after hearing hours of testimony over the financial liabilities of the Alaska Dispatch News.
In approving the sale, Spraker said it was the best option available — and better than liquidation.
The new owner of the Anchorage newspaper is the Binkley Co., a family owned firm in Fairbanks. Ryan Binkley and Alaska Media's Jason Evans are currently co-publishers of the newspaper and intend to keep publishing.
Former publisher Alice Rogoff bought the Anchorage Daily News for $34 million from The McClatchy Co. in 2014. Since then, the renamed paper has been losing about $500,000 and entered bankruptcy on Aug. 12.
The fate of Alaska's largest daily newspaper will be determined by a federal bankruptcy judge.
Judge Gary Spraker was hearing testimony Monday in the bankruptcy filing of the Alaska Dispatch News.
A bid of $1 million was submitted by Alaska businessmen to take over the Anchorage newspaper, but there's a long list of creditors involving about $12.5 million in debt.
If the sale is not approved, the paper could fold and assets sold off. There were no other bidders.
Alice Rogoff purchased the Anchorage Daily News and its building from The McClatchy Co. in 2014 for $34 million. In August, she filed for bankruptcy protection with the newspaper losing about $500,000 a month.
Rogoff testified Monday and was asked if she thought the $1 million sale price was fair. She said no, but that was the only offer she received.