Ingersoll Newspapers Inc

Ingersoll Newspapers Inc. offered Thursday to buy back $158.6 million of high-yield junk bonds at prices sharply discounted from face value as the publishing company struggles to meet debt interest payments. Ingersoll Newspapers is a holding company controlled by publisher Ralph Ingersoll. Its properties include the weekly St. Louis Suburban Journals, the Troy (N.Y.) Record and several other medium-sized papers.

Publisher Ralph Ingersoll II agreed Monday to sell his stake in three debt-laden North American newspaper chains and acquire full ownership of a smaller European publishing company after one of his U.S. properties failed to make an interest payment on its junk bonds. Ingersoll, who built one of the nation's largest newspaper chains with money raised by junk bond wizard Michael Milken, will sell his share in the U.S. companies to partner E. M. Warburg, Pincus & Co., a New York investment firm.

Publisher Ralph Ingersoll II agreed Monday to sell his stake in three debt-laden North American newspaper chains and acquire full ownership of a smaller European publishing company after one of his U.S. properties failed to make an interest payment on its junk bonds. Ingersoll, who built one of the nation's largest newspaper chains with money raised by junk bond wizard Michael Milken, will sell his share in the U.S. companies to partner E. M. Warburg, Pincus & Co., a New York investment firm.

Columbia Savings said it was insolvent. Southland Corp., owner of 7-Eleven stores, said bankruptcy may lie ahead. First Executive took a bruising $836-million loss. The news was heavy from the world of high-yield junk bonds last week, and most of it was bad. Companies with junk in their investment portfolios revealed that new and gaping wounds had been inflicted by the junk market's 9-month-old collapse.

Columbia Savings said it was insolvent. Southland Corp., owner of 7-Eleven stores, said bankruptcy may lie ahead. First Executive took a bruising $836-million loss. The news was heavy from the world of high-yield junk bonds last week, and most of it was bad. Companies with junk in their investment portfolios revealed that new and gaping wounds had been inflicted by the junk market's 9-month-old collapse.

Ingersoll Newspapers Inc. offered Thursday to buy back $158.6 million of high-yield junk bonds at prices sharply discounted from face value as the publishing company struggles to meet debt interest payments. Ingersoll Newspapers is a holding company controlled by publisher Ralph Ingersoll. Its properties include the weekly St. Louis Suburban Journals, the Troy (N.Y.) Record and several other medium-sized papers.