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Philadelphia Inquirer, Daily News Have Two Bidders for Auction
Tomorrow - BloombergHome
Related News:Law · U.S. Philadelphia Inquirer, Daily News Have Two
Bidders for Auction Tomorrow
By Steven Church and Michael Bathon - Wed Sep 22 21:34:29 GMT 2010
Philadelphia Inquirer and its sister newspaper will have two bidders
to buy them out of bankruptcy at an auction in which the opening offer
than half the value of a deal that fell apart this month.
Lenders who backed out of their contract to buy the newspapers for
on Sept. 14, will compete with Raymond Perelman, father of billionaire
Perelman, said Lawrence G. McMichael, an attorney who represents the
company that owns the two newspapers.
“We have two bids,” McMichael said today in an e-mail. The bids were
for the auction tomorrow.
The auction will be the second this year for the Inquirer and the
Daily News, which are owned by bankrupt Philadelphia Newspapers LLC.
owed more than $200 million won the first auction. They refused to
deal after members of the Teamsters union rejected changes to their
Under rules approved by Judge Stephen Raslavich on Sept. 16, the new
must be at least $50 million.
The newspaper company filed for bankruptcy in February 2009, blaming
recession and a fall in advertising.
Fred Hodara, a lawyer for the lenders, and J. Gregory Milmoe, an
Perelman, weren’t immediately able to respond to phone calls seeking
Raymond Perelman was among local investors who lost an auction this
the company’s main lenders, including hedge fund operator Angelo
Gordon & Co.
and a unit of Credit Suisse Group AG.
Also today, Raslavich agreed to open the auction, which will be
conducted in his
Philadelphia courtroom, to the press, McMichael said.
Philadelphia Newspapers filed for bankruptcy two years after Brian
publisher, and a group of investors bought the company. In court
Philadelphia Newspapers listed assets and debt of as much as $500
The Inquirer, founded in 1829, is the third-oldest daily newspaper in
and has won at least 18 Pulitzer Prizes. The Daily News, a tabloid
1925, won a Pulitzer Prize this year for investigative journalism. The
newspapers have had a common owner since 1969, when they were bought
by Knight Newspapers Inc.
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