Lenders To Pick Up Philly Papers For $105M

Law360, New York (September 23, 2010, 5:21 PM EDT) -- A group of senior lenders placed the winning bid once again in a bankruptcy auction for Philadelphia Newspapers LLC on Thursday, offering to shell out $105 million for the media company to beat out a competing $85 million offer from Philadelphia philanthropist Raymond Perelman and the Carpenters Union pension fund.

In an auction proceeding in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania, the lenders agreed for the second time to pick up the parent company of The Philadelphia Inquirer, The Philadelphia Daily News...
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