Lenders Try To Stall Philly Papers Auction For Appeal

Law360, New York (November 11, 2009, 4:58 PM EST) -- Bank lenders that recently lost their ability to use more than $318 million in credit to bid on bankrupt newspaper company Philadelphia Newspapers LLC have asked a district judge to postpone the auction of the company while they take their case to a federal appeals court.

In a motion filed Tuesday in the U.S. District Court for the Eastern District of Pennsylvania, the steering group of prepetition lenders to Philadelphia Newspapers and Citizens Bank of Pennsylvania asked Judge Eduardo C. Robreno to push back an auction...
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