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A court ruling by a bankruptcy judge in Philadelphia will put a group of hedge funds and other institutions in the driver's seat as they try to take over ownership of the company that owns the Philadelphia Inquirer and Daily News.
After lengthy oral arguments by warring lawyers representing the newspaper company and senior lenders, and a densely worded order, judge Stephen Raslavich has ruled that the lenders can use more than $300 million they are owed to 'credit bid' for control of the company.
Put another way, they successfully argued that applicable law provides them with the right to use that debt in their bid when the company is put up for auction.
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