Tuesday, 30 June 2015
Last updated 50 sec ago
Sep 24 2010 | 11:48am ET
For the second time this year, the creditors of Philadelphia’s two daily newspapers—led by an alternative investment firm—have won those papers in a bankruptcy auction.
And once again, the creditors, which include private equity firm Angelo Gordon & Co., defeated a group led by billionaire Raymond Perelman for Philadelphia Newspapers, which owns the Philadelphia Inquirer, Philadelphia Daily News and Philly.com Web site. And they’re getting it for a relative bargain, winning the auction with a $105 million bid.
In April, the creditors won the auction with a $139 million bid. But they were unable to strike a deal with the Teamsters union, as required under the April deal. The group still must reach a deal with the newspapers’ unions.
At the auction hearing, a lawyer for the bankrupt publisher said that the $105 million “is the largest and best bid.”
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…