Hedge Funds, Philly Newspaper Unions Keep Negotiating

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.


In Depth

MiFID2 For U.S. Firms: Key Questions Answered

Feb 27 2017 | 4:54pm ET

The January 2018 deadline for implementation of the EU’s mammoth MiFID2 regulations...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of