Thursday, 5 March 2015
Last updated 4 hours 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.”
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…