Alaska Dispatch News sale is approved by judge

Yesterday, a federal bankruptcy judge approved the sale of Alaska Dispatch News (ADN) to the Binkley family of Fairbanks for USD 1 million.

According to Alaska Dispatch News, the decision means that Alaska's largest newspaper and news website will avoid a sudden shutdown, and that the Binkleys acquire Alaska Dispatch News for what they've spent.

“The balance of the purchase price is zero,” U.S. Bankruptcy Court Judge Gary Spraker said in an order signed Monday.

In front of a packed downtown Anchorage courtroom, Spraker said the sale price of USD 1 million was fair and reasonable, especially since ADN would be otherwise unable to continue operations.

"There is no more money. There is no more time. There's also no more buyers," Spraker said during the hearing yesterday.

The buyer is the Binkley Co. LLC made up of siblings Ryan Binkley, Wade Binkley, James Binkley and Kai Binkley Sims. The group is working with Jason Evans, owner of Alaska Media LLC, though the proposed sale agreement lists only the Binkley Co. as buyer.

Ryan Binkley and Evans have been interim co-publishers of the newspaper since the company filed for Chapter 11 bankruptcy protection last month.

Alice Rogoff, who is the former publisher, also attended the hearing. She told in court that she started formal attempts to sell the newpaper in March, and that she talked with six prospective buyers. In the end, none besides the Binkley group decided to move forward.

ADN quotes Ryan Binkley as saying that work would need to begin immediately to bring the newspaper back from the edge of a financial cliff. The new owners plan to continue producing a print newspaper, but the first problem to solve is to figure out where the paper will be printed. Binkley also had a meeting with the ADN-staff yesterday, and in this meeting he said that companywide layoffs will be part of the next steps.