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NEW HAVEN — Newspaper publisher Journal Register Co. has reached a proposed settlement with Connecticut officials in which the company will pay $11 million to settle claims for income taxes.
A federal bankruptcy judge in New York earlier this month cleared the way for Journal Register to emerge from Chapter 11 protection.
Yardley, Pa.-based Journal Register publishes the New Haven Register and dozens of other newspapers. Like almost all publishers, it has been pummeled by declining advertising revenue.
Connecticut officials had alleged that improper deductions were taken on the company's tax returns and sought $21 million in adjustments. The settlement, which must be approved by the bankruptcy judge, calls for Journal Register to pay $11 million by 2014.
Journal Register attorney Marc Abrams called the settlement "fair and appropriate."
Connecticut attorney General Richard Blumenthal said the $11 million settlement represented "money for the claims that were supported by law and evidence."
