With Banks Circling, Philly Papers Seeks Cash Bidding

Law360, New York (November 2, 2009, 3:59 PM EST) -- A bankruptcy judge has approved Philadelphia Newspapers LLC's disclosure statement, but the news chain — which owns the Philadelphia Inquirer, the Philadelphia Daily News and the Philly.com Web site — still faces a crucial appeal over whether bank creditors can bid for its assets based on credit they've already extended.

Judge Stephen Raslavich's order on the disclosure statement, issued Friday in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania, set a Dec. 1 deadline for plan objections.

Between now and then, according to court...
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