Judge Green-Lights Hedge Fund-Led Philly Newspaper Bankruptcy Exit

Oct 1 2010 | 11:40am ET

A federal bankruptcy judge has approved the sale of Philadelphia’s two daily newspapers to a group of their creditors, led by hedge fund Angelo Gordon & Co.

The new owners of Philadelphia Newspapers, which publishes the Philadelphia Inquirer, Philadelphia Daily News and philly.com Web site, hopes to close the $139 million sale by Oct. 8. Afterwards, the company’s main creditors, including Angelo Gordon and hedge fund Alden Global Capital, will have ownership stakes in the new owner, Philadelphia Media Network.

Also on Thursday, PMN worked out a deal with some of the newspapers’ unionized workers, the mailers. It still must strike a deal with the newspapers’ drivers, who helped scupper an early bankruptcy auction win by the Angelo Gordon-led group.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of