Bankruptcy really could not happen to a more deserving company. Not surprising, but still a testament to how poorly run many newspaper companies are.

Here is what The Wall Street Journal wrote on Saturday:

Journal Register Co., the debt-strapped owner of the New Haven Register and 19 other daily papers, filed for Chapter 11 bankruptcy protection Saturday, at least the third newspaper publisher to tip into bankruptcy court in recent months.

Journal Register has been plagued for more than a year by an unsustainable level of borrowing, made worse by an industry-wide plunge in revenue. Journal Register's woes stem from an acquisition binge, the pinnacle of which was a 2004 deal to buy a chain of Michigan newspapers for more than $400 million.

Journal Register has been at the top of analysts' lists of newspaper publishers seen most at risk for a bankruptcy filing.