MINNEAPOLIS -- The Dolan Co. plans to file a prepackaged Chapter 11 bankruptcy reorganization to cut its debts by $120 million.
The Minneapolis-based publisher of business and legal journals in 19 U.S. markets announced the plan Thursday. Operations will continue during the reorganization.
As part of reorganization, company founder and CEO James P. Dolan and chief operating officer Scott Pollei will resign.
Dolan's DiscoverReady business will not file a Chapter 11 petition, and its operations will not be affected. DiscoverReady provides outsourced discovery management and document review services to companies and law firms.
The reorganization is aimed at reducing the company's debt from $170 million to about $50 million. The company expects to emerge from bankruptcy in two months.
In Minnesota, Dolan publishes Finance and Commerce and the St. Paul Legal Ledger. In Idaho, the company publishes the Idaho Business Review.