Phila. Newspapers Inks Key Ch. 11 Deal, Ousts CEO

Law360, New York (May 14, 2010, 4:35 PM EDT) -- Philadelphia Newspapers LLC said Friday it had worked out lingering disputes with its creditors and a group of lenders that offered a winning $139 million bid for the bankrupt publisher, paving the way for an exit from Chapter 11 with a new executive at the helm.

The settlement between the buyers, the official committee of unsecured creditors and the debtors brings to a close a contentious and high-profile tangle over what group would take the company’s reins, although a reorganization plan must still be confirmed by...
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