Up from the ashes?

A follow up to my earlier post regarding the Eagle-Times of Claremont, NH

It would appear that publisher Harvey Hill has agreed to take a $4 million hit and allow a bid for the paper from Sample News Group in Pennsylvania to be approved by a bankruptcy court. The family-owned chain issued a statement that it hopes to have the paper back up and running by the end of the month.

Newspaper accounts make it appear that Hill is the paper's main unsecured creditor, and it appears that the sale has been approved.

If this all goes ahead as it appears to be headed, this would be an amazing outcome. The Sample News Group is taking a huge risk buying a small local newspaper -- although arguably at a huge discount -- and Hill is personally providing the lion's share of that discount by waiving his personal claim to what the paper owed him. Both are to be applauded.