Judge To Weigh $139M Sale Of Philly Newspapers
PHILADELPHIA (AP) – The contentious bankruptcy case of Philadelphia’s two largest daily newspapers is moving toward a close with their expected sale to a group of banks and hedge funds.
Lawyers for creditors who won a marathon auction for the newspapers have pledged to keep both The Philadelphia Inquirer and the Philadelphia Daily News alive.
Local investors led by public relations executive Brian Tierney bought the papers in 2006 for $515 million, but ran aground amid industrywide revenue declines. Tierney rallied local philanthropists who bid more than $100 million for the company. But the creditors prevailed with a $139 million bid.
They are now asking a bankruptcy judge to approve the sale at a hearing starting Thursday.