Philly Newspapers Judge Says Sale Will Stick To Plan

Law360, New York (September 16, 2010, 8:05 PM EDT) -- A federal judge made clear Thursday that the bids in Philadelphia Newspapers LLC’s upcoming second auction of assets would conform closely to the reorganization plan with regard to treatment of unsecured creditors, shutting down senior secured lenders' protests.

Chief Judge Stephen Raslavich of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania approved the bidding and solicitation procedures with modifications that allowed for some minor flexibility, but chastised the secured lenders, whose previous bid to buy the company fell through Tuesday, for implying that they...
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