OC Register Publisher to File for Bankruptcy Protection

The Wall Street Journal is reporting that the owner of the Orange County Register is expected to file for Chapter 11 bankruptcy protection this week.

The Journal reported on its Web site Sunday that Freedom Communications Inc. has reached agreements with its lenders to restructure its debts. The report cites unnamed people familiar with the situation.

Representatives of the company did not immediately respond to a message seeking comment.

The Journal says Freedom’s lenders are expected to take control of the company while it operates under bankruptcy protection. The lenders hold about $770 million in debt.

Freedom was founded in the 1930s by R.C. Hoiles and is still majority owned by the Hoiles family. The company is based in Irvine, Calif., and owns 33 daily and 77 weekly newspapers, plus several television stations.

8/30/2009 9:39 PM NEW YORK (AP)