Freedom Communications Inc., owner of The Riverside Press-Enterprise and The Orange County Register, disclosed late Sunday it has filed for bankruptcy protection. Rich Mirman, Freedom’s CEO and publisher, along with other local investors, filed in U.S. Bankruptcy Court’s Central District of California a plan to reorganize the company’s finances and assume ownership. In an online statement, Mirman said he expects the bankruptcy case to have no impact on the day-to-day operations of the newspapers. Staffing will remain steady. Payments to employees, key vendors and partners will continue. The company expects to turn a profit in this year after losing $40 million-plus in the previous two years. There’s no guarantee the so-called stalking horse bid by Mirman and his investment team – which includes Michael Harrah, owner of the Santa Ana-based development firm Caribou Industries – will win the bankruptcy auction, which may be held within 90 days. It is Freedom’s second trip to bankruptcy court and reflects a common tale of financial adversity within a newspaper industry that has struggled since well before the recession as advertisers turned to online marketing options while readership shifted from print products. (Source: Press-Enterprise)