MINNEAPOLIS, Minn. – The Dolan Co., the Minneapolis-based owner
of Milwaukee’s The Daily Reporter and Wisconsin Law Journal, has
filed for Chapter 11 reorganization.
The company will seek bankruptcy protection under Chapter 11 in
order to achieve a capital structure that will allow Dolan to
grow in the future, the company said in a statement. Under the
pre-packaged bankruptcy process, Dolan expects to continue
providing its products and services across the country, the
The bankruptcy petitions are expected to be filed in the U.S.
Bankruptcy Court for the District of Delaware. The Dolan Co.
subsidiaries will be parties to these petitions, with the
exception of its e-discovery business, DiscoverReady LLC, which
will continue to operate as usual.
“The company remains well positioned in its core markets. This
reorganization step is necessary to unlock these current
businesses from the weight of debt principally associated with
its previous mortgage foreclosure processing businesses,” said
Kevin Nystrom, who was named Dolan’s chief restructuring officer
Dolan is seeking approval of the terms of the Chapter 11
reorganization plan from its secured lenders, which should be
complete at the end of this week, the statement said. The plan
will allow the company to reorganize its capital structure,
reducing its projected secured debt from $170 million to
approximately $50 million, the statement said.
Once the Chapter 11 process is final, Dolan’s lenders will take
ownership of the company.