Date

Fri - 17.11.2017


Creditors win auction of Philadelphia newspapers

Creditors win auction of Philadelphia newspapers

A group the Philadelphia Inquirer's debt holders won today the bankruptcy court auction for the Philadelphia Media Holdings, the company that owns the Inquirer and the Philadelphia Daily News, Reuters informed.

The lenders, which include hedge fund Angelo, Gordon & Co and the Credit Suisse, submitted on Wednesday the winning offer of US$105 million, outbidding the $85 million proposed by philanthropist Raymond Perelman, Bloomberg revealed. The judge's confirmation hearing is schedule for next Thursday.

Photo source: Philadelphia Independent Media Center

This is the second time that the creditors win the auction, The New York Times reminded. In April, the newspapers were sold to the creditors for $139 million. However, the deal was nullified after they failed to negotiate cutbacks with one of the sixteen newspaper unions.

According to the Philadelphia Inquirer, the company filed for bankruptcy in February 2009, "owning senior creditors $318 million that it could not refinance."

Author

Clara Mart

Date

2010-09-24 00:02

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