Angelo Gordon-Led Group Wins Philly Newspaper Auction

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 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.”

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