Philly Inquirer Owner Wins Appeal To Block Credit Bids

By Christopher Norton

Law360, New York (November 10, 2009, 6:30 PM ET) -- The bankrupt Philadelphia Newspapers LLC has prevailed in an appeal seeking to bar its secured lenders from making credit bids on its assets — based on credit they already have extended to the Philadelphia Inquirer publisher — at the auction sale scheduled for next Monday.

“The right to credit bid by the senior lenders cannot be found to exist at this juncture,” Judge Eduardo C. Robreno of the U.S. District Court for the Eastern District of Pennsylvania ruled Tuesday.

The bankruptcy court erred in rejecting the...
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