Philly Papers Asset Sale To Local Interests Nixed

Law360, New York (October 9, 2009, 5:39 PM EDT) -- The judge overseeing the Chapter 11 proceedings of Philadelphia Newspapers LLC has struck down a proposed sale of substantially all the Philadelphia Inquirer publisher's assets to a consortium of local interests, citing objections from the U.S. trustee and a representative from virtually every creditor group, but noted the sale could be approved if amended.

Judge Stephen Raslavich denied the publisher's motion to approve the asset sale and related bid procedures as presented, but left room for it to be resubmitted if modified in accordance with his...
To view the full article, register now.