Law360, New York (April 21, 2010, 6:45 PM ET) -- The lead bidder in the upcoming auction for bankrupt Philadelphia Newspapers LLC reportedly has withdrawn its initial bid and plans to revise its offer.
The publisher said Wednesday that the investor group known as Philly Papers LLC, which is led by real estate developer Bruce Toll, intends to put in an amended offer before Friday’s deadline for bids, according to a Reuters news report. The group proposed a bid of $67 million in August.
If Philadelphia Newspapers receives more than one qualifying bid, an auction will...
Top Bidder For Phila. Newspapers To Revise Offer
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