The creditors and the publisher of the Baltimore Jewish Times met behind closed doors Friday with a bankruptcy judge in an attempt to iron out a new ownership plan, and emerged after more than three hours with a commitment to return Monday for more negotiations.
Alter Communications Inc., the publisher of the Times and Style magazine, has been in Chapter 11 bankruptcy protection since April 2010, after losing a legal battle with its former publisher, H.G. Roebuck & Son Inc. of White Marsh.
Alter proposed a plan where outside investors would take control of 80 percent of the company, leaving the current family owners with a 20 percent stake. Roebuck, Alter's largest creditor, proposed a plan where it takes over the company and partners with Washington Jewish Week as a publisher. A third plan emerged this past week, as one of the family stakeholders of Alter proposed the formation of another investment group to take over the company.
The next hearing takes place Monday at the U.S. District Court in Baltimore at 10 a.m.