Publishing company goes for Chapter 11.Baker Communications seeks bankruptcy shield Baker Communications Inc., publisher of Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. (213), Newport Beach Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. (714) and the (Agoura) Acorn, has filed for Chapter 11 bankruptcy protection in a Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. federal court. Baker Communications, headquartered in Rolling Hills Rolling hills are like a mountain chain, only a "hill chain" of hills that roll on and on continually. You will often find them in between plains and mountains, near major rivers, or randomly anywhere. The only places without rolling hills are deserts and flood plains. Estates, listed assets of $6.5 million and debts of $10.2 million. A Baker spokeswoman said the publications' production schedule would not be affected by the bankruptcy filing. News of the bankruptcy filing is yet another bump along the company's often-rocky road. Founded in 1983 by President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Seth H. Baker - former owner of Los Angeles Magazine - Baker Communications set out on an acquisition binge in the mid-1980s, purchasing the twice-a-week Peninsula News in 1986, the weekly Acorn in 1988, and the weekly Beach Reporter in 1989, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Baker Communications 1989 annual report. But in May 1991, the company was delisted from the Nasdaq exchange for failing to maintain $375,000 worth of shareholders equity. Creditors push Seth Baker did not return phone calls seeking comment regarding the bankruptcy. But Dennis F. Donovan, bankruptcy counsel for the company, said Baker Communications had been under pressure from creditors. "This was a way to hold things in the status quo [Latin, The existing state of things at any given date.] Status quo ante bellum means the state of things before the war. The status quo to be preserved by a preliminary injunction is the last actual, peaceable, uncontested status which preceded the pending controversy. until they work things out," Donovan said, adding that Baker recently posted an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. . Baker Communications' prospects "look good," Donovan said. Two outside filing Donovan added that the Beach Reporter and Peninsula News were not included in the filing, saying that they are no longer owned by Baker Communications. Instead, Donovan said, the two newspapers are merely affiliated with Baker Communications, and have as owners several of those who have a stake in Baker Communications as well. "(The Beach Reporter and Peninsula News) are separate corporations," Donovan said. "They have not filed for bankruptcy." However, it is unclear just how the two newspapers are affiliated with Baker Communications, or when they were spun off into their own corporations. Bankruptcy papers list Baker Communications as owing $590,000 to the Internal Revenue Service and $350,000 to Southwest Offset Printing Co. Inc. Southwest had been printing the Baker publications until last year, when the two got in a legal tangle over billing matters. An attorney for Southwest Offset said that a compromise settlement between the two firms had been reached for Baker to pay Southwest a "substantial" sum, though Southwest has still not received payment in full. |
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