Philly Papers Reorganization Plan Wins Approval

Law360, New York (June 29, 2010, 12:06 PM EDT) -- Philadelphia's two major newspapers have won approval to exit bankruptcy under the stewardship of a group of senior lenders who purchased their parent company for $139 million, in spite of objections from employee pension funds.

Chief Judge Stephen Raslavich of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania signed off on Philadelphia Newspapers LLC's plan of reorganization Monday, saying it was in the best interest of creditors.

The confirmation puts an end to a nearly year-and-a-half long battle over the fate of the company,...
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