Friday, 27 November 2015
Last updated 1 day ago
Jun 25 2010 | 7:09am ET
The hedge funds leading a proposed buyout of Philadephia’s two daily newspapers remain in talks with the employees’ unions, but are unlikely to complete the deal by the end of the month.
A group including Philadelphia Newspapers creditors and hedge funds Angelo Gordon & Co. and Alden Global Capital won a bankruptcy auction for the company, which publishes the Philadelphia Inquirer and Philadelphia Daily News, in April. But it has so far been unable to reach a deal on concessions from the unions, with talks set to continue next month.
Meanwhile, PNI is trying to win approval for its bankruptcy plan in U.S. Bankruptcy Court. A hearing on the matter continues tomorrow and could run into next week.
After a judge approves the plan, the hedge funds and their partners will have until the end of August to complete their purchase of the company.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…