Lenders' Group Prevails at Bankruptcy Auction for Philadelphia's Newspapers
by KYW's Steve Tawa
A group that had already lent the Philadelphia Inquirer and Daily News $318 million has agreed at a bankruptcy auction to pay $135 million for the entire company.
When the bidding ended on Wednesday afternoon, the lenders had won this marathon 14-month, bitter bankruptcy feud that started in Philadelphia, went through the federal bankruptcy system, the US Court of Appeals, and probably 30, 40, or maybe 50 different court hearings, and a marathon auction that began Tuesday morning at 11am.
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http://www.kyw1060.com/A group that had already lent the Philadelphia Inquirer and Daily News $318 million has agreed at a bankruptcy auction to pay $135 million for the entire company.
When the bidding ended on Wednesday afternoon, the lenders had won this marathon 14-month, bitter bankruptcy feud that started in Philadelphia, went through the federal bankruptcy system, the US Court of Appeals, and probably 30, 40, or maybe 50 different court hearings, and a marathon auction that began Tuesday morning at 11am (see related story).