Portland Press-Herald Sued Over Paper Debt

In a lawsuit filed Nov. 1, McGrann Paper Corp claims that the Portland (Maine) Press-Herald owes $124,000 for 300,000 pounds of paper. Also mentioned in the suit is McGrann’s claims that the newspaper is on its last legs….

McGrann said (the Bangor Daily News reports) that MaineToday is “undergoing financial restructuring” and that he has been referred to CRG Partners about his past-due invoices. CRG Partners is a firm that specializes in restructuring companies, or as the lawsuit said more colorfully, “that specializes in restructuring companies at or near collapse.”

The Bangor Daily News notes that MaineToday Media, the parent company of the Portland Press-Herald, just learned it was losing its CEO effective Dec. 31.

(h/t Romenesko)