$139M Sale Of Philly Papers Falls Through

Law360, New York (September 14, 2010, 3:26 PM EDT) -- A dispute with at least one labor union torpedoed the planned $139 million sale Tuesday of bankrupt Philadelphia Newspapers LLC to a group of senior lenders.

Facing a noon closing deadline, the buyers elected not to go forward with the purchase after failing to resolve a dispute with a drivers union from the Teamsters, said Lawrence McMichael of Dilworth Paxson LLP, who represents the media company and its affiliated debtors.

The company, which runs the Philadelphia Inquirer and the Philadelphia Daily News, filed a motion Tuesday...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.