PNC Bank may buy most of the assets of Brown Publishing Co. after an original buyer told the newspaper publishing company that it was unable to close on their deal.
Brown Publishing said talks with PNC have begun and the company believes it will be able to close the sale by Sept. 3.
Cincinnati-based Brown Publishing and its affiliates filed for Chapter 11 protection on April 30. Subsequently, Brown held an auction for its assets and ultimately accepted two cash bids totaling $26 million from Delphos Herald Inc. and a company formed by Brown Publishing executives.
The publishing company said Delphos was able to close on its part of the transaction on Aug. 13 but that the executives' company was unable to do so because its lender withdrew.
Brown Publishing said it then began discussions with the bank subsidiary of PNC Financial Services Group Inc. about a sale because PNC Bank was the "next-highest bidder" at auction.
