ADN may liquidate assets to appease creditors

Court proceedings in the sale of Alaska Dispatch News this week have revealed that bankruptcy and liquidation of assets are still an option the new owners may take.

In a motion filed earlier this week, the US Trustee overseeing the bankruptcy of ADN is hoping to convert leftover assets in the sale to a Chapter 7 bankruptcy liquidation, in order to pay off the paper's creditors.

The Binkley group, headed by Fairbanks businessman Ryan Binkley, has decided to purchase the newspaper.

ADN was issued an eviction notice early in August by the location's owners, GCI.

ADN currently has three printing presses, two of which are not working, that could be more expensive to move than they are worth.

The lawyer for the Binkley group says that they are asking experts if moving the presses is a viable option.

The newspaper is estimated to be more than $2.5 million dollars in debt.