HONOLULU (HawaiiNewsNow) – The Canadian company that owns the Honolulu Star-Advertiser, Hawaii’s largest newspaper, could be put up for sale under a court-supervised restructuring plan.
The plan, aimed at reducing debt, includes a potential sale of Black Press companies to its two largest debt holders along with community media company Carpenter Media Group.
An announcement released Monday said the sale would include a capital injection from the potential new owners that would allow Black Press companies and newspapers, including the Star-Advertiser, to continue operating. Any sale from the restructuring is expected to be completed by March 15.
Dennis Francis, president and CEO of Oahu Publications and publisher of the Honolulu Star-Advertiser, said in a news release that operations are expected to continue “uninterrupted.”
In addition to the Star-Advertiser, Oahu Publications, Inc. also puts out MidWeek, the Garden Island, Hawaii Tribune-Herald and West Hawaii Today along with several specialty magazines.
The union that represents reporters, copy editors, photographers and others at the newspaper said the news Monday comes days after the newspaper announced plans to lay off four people in the newsroom next month.
“Despite our concerns and frustrations, we express hope that the company’s prospective buyers will share our commitment to telling the stories of our island community,” the Honolulu Star-Advertiser Union said.
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