Irvine-based Freedom Communications Inc., parent company of the Orange County Register, has named Mark McEachen chief financial officer.
McEachen previously was chief financial officer at San Mateo-based Fabrik Inc., a maker of external hard drives and digital content management software.
McEachen replaces Holly Etlin, who joined Freedom last year on an interim basis after former chief financial officer Douglas Bennett took over Freedom? interactive business.
McEachen joins Freedom at a difficult time. The company’s lenders extended a deadline for it to meet credit terms it technically defaulted on in September.
Freedom went into technical default last fall for not keeping its profit and debt at agreed-upon levels, according to Chief Executive Scott Flanders.
As part of the waiver, the company said it prepaid some principal payments due this year as well as an amendment fee.
Freedom is expected to have and generate sufficient cash to meet its financial requirements.
The company declined to detail the amount of the loan or the payments.
Along with the Register, Freedom owns dailies, weekly community papers and television stations across the country. It has estimated yearly revenue of $600 million to $700 million.
The newspaper industry has seen a rash of failures and bankruptcies as acquisition-related debt and the recession prove to be a killer combination.
