3rd Circ. Stays Philly Newspapers Auction

By Tina Peng

Law360, New York (November 18, 2009, 12:36 PM ET) -- Bank lenders that lost their ability to use more than $318 million in credit to bid on bankrupt newspaper company Philadelphia Newspapers LLC have won a stay of the company's auction while a federal appeals court considers their case.

The U.S. Court of Appeals for the Third Circuit on Tuesday granted the appellants' motion for a stay and scheduled oral argument for Dec. 15, although it denied Philadelphia Newspapers' request for a bond.

The original emergency motion for stay was filed by Citizens Bank of Pennsylvania...
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