Thompson Publishing Sold To Lenders For $42M

Law360, New York (November 19, 2010, 4:04 PM EST) -- A bankruptcy judge on Friday approved a $42 million credit bid by senior lenders to purchase Thompson Publishing Group Inc.’s assets after the company failed to attract any competing offers.

Judge Peter J. Walsh signed off on the sale to the stalking horse group, with PNC Bank National Association acting as first-lien agent, in the U.S. Bankruptcy Court for the District of Delaware.

The sale order provides for the payment of $2 million of outstanding debtor-in-possession financing, the assumption of $23 million in obligations to subscribers,...
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