PBGC Objects To Philly Papers Bidding Procedures

Law360, New York (September 15, 2009, 5:51 PM EDT) -- The Pension Benefit Guaranty Corp. has lodged an objection to the bidding procedures for Philadelphia Newspapers LLC's proposed $43 million Chapter 11 asset sale, in yet another headache for the bankrupt publisher of Philadelphia's Inquirer, Daily News and other local papers.

The publisher's motion to approve bidding procedures fails to take into account whether a bidder may wish to assume all or a portion of the publisher's defined benefit pension plan, PBGC said Sept. 14 in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania....
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