Philly newspapers go on auction block next week
PHILADELPHIA - April 21, 2010 -- Philadelphia's two main daily newspapers go on the auction block next Tuesday as they try to come out of bankruptcy protection.
The Philadelphia Inquirer and the Philadelphia Daily News could stay in local hands and shed about $300 million in debt if housing executive Bruce Toll and other local investors prevail. That group said Wednesday it will revise its initial bid of about $60 million in cash and real estate, plus a $17 million line of credit, before Friday's bid deadline.
A group of creditors, including banks and hedge funds, has also pledged to make a strong cash bid.
The company expects several other bidders.
Toll and others bought the company in 2006 for $515 million. But the newspapers have faced industrywide declines in advertising revenue since then.
philadelphia, pennsylvania, philadelphia daily news, philadelphia inquirer, local/state
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