Dolan Co., a provider of legal-support services and publishing, filed for bankruptcy after agreeing to be taken over by lenders to cut debt linked to its former mortgage foreclosure-processing business.
The Minneapolis-based company listed debt of $185.9 million and assets of $236.2 million as of Sept. 30 in a Chapter 11 petition filed Monday in Wilmington, Del.
Dolan is owner of the Journal Record, an Oklahoma city-based business newspaper that also has an office in Tulsa.
“This reorganization step is necessary to unlock these current businesses from the weight of debt principally associated with its previous mortgage foreclosure processing businesses,” Kevin Nystrom, Dolan’s chief restructuring officer, said in a March 20 statement.
James P. Dolan, the company founder, agreed to step down as chief executive officer after the bankruptcy was filed, according to the statement.