Lenders Win Phila. Newspapers Auction With $139M Bid

Law360, New York (April 28, 2010, 7:09 PM EDT) -- Senior lenders prevailed in a high-stakes auction for Philadelphia Newspapers LLC on Wednesday with a bid of about $139 million, according to the company's CEO.

The group of lenders, which includes Alden Global Capital, Angelo Gordon and Co. and a unit of Credit Suisse Group AG, won against two other groups that were seeking to take ownership of the company, which owns two of Philadelphia's major newspapers, The Philadelphia Inquirer and The Daily News, as well as a local website.

The bid includes $105 million in...
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