New Haven Acquisition Co

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.