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ST. THOMAS, U.S. Virgin Islands - A buyer has been found for The Virgin Islands Daily News, the paper reported Tuesday, but the new owner and other details will not be announced until the sale is approved by a bankruptcy court judge.
| GCI | 16.92 |  -0.2 |
The paper, the largest in the U.S. Virgin Islands, said the court-ordered auction was completed Monday.
Calls to the newspaper were not returned and a spokeswoman for its corporate owner, Innovative Communication Corp., said she could not release any information about the sale.
Innovative Communication, one of the largest employers in the Virgin Islands, was forced into bankruptcy by creditors after defaulting on more than $500 million in debt.
A judge appointed a trustee to run the company and ordered the auction of corporate assets and those of its owner, Jeffrey Prosser, including the telephone company in the U.S. island territory, cable companies elsewhere in the Caribbean and a painting by impressionist Camille Pissarro.
The Virgin Islands Daily News won the Pulitzer Prize in 1995 for public service for its reporting on the crime and corruption in the local criminal justice system.
The paper was founded in 1930 and sold to the Arlington, Virginia-based Gannett Co. in 1979, which sold it to Innovative Communication in 1997.
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