Thursday, 28 May 2015
Last updated 8 hours 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…