Thompson Publishing Co., Affiliates File Chapter 11; PNC Bank Stalking Horse Bidder

Thompson Publishing Holding Co. and six affiliated entities filed for Chapter 11 protection Sept. 21 in the U.S. Bankruptcy Court for the District of Delaware (In re Thompson Publishing Holding Co.).

Pursuing a Sale of Business.

The Washington, D.C.-based company owes in excess of $160 million to their secured lenders, according to court documents.

The debtors are unable to service these obligations and have limited and dwindling cash reserves, court documents indicate. Following unsuccessful negotiations with their secured lenders, the debtors began a sale process, but the indications of interest “reflected values lower than what the Debtors and ...