The Philadelphia Inquirer, Philadelphia Daily News set to go up for auction
By APTuesday, April 27, 2010
Philadelphia newspapers set to hit auction block
NEW YORK — The yearlong bankruptcy of Philadelphia’s two largest newspapers has been a marathon affair.
And Tuesday’s auction to determine their next owner is off to the same slow pace.
A Philadelphia Newspapers lawyer says the scheduled morning auction in New York had not started by midafternoon. Instead, lawyers have been discussing auction rules.
The company operates The Philadelphia Inquirer, the Philadelphia Daily News and the Philly.com web site.
A group of Philadelphia-area entrepreneurs borrowed heavily to buy the company for $515 million in 2006, but filed for bankruptcy last year.
Some of them have joined with business moguls Raymond and Ronald Perelman to mount a local bid. The other bidders are the company’s creditors and the Canadian investment firm Stern Partners.
