Perelmans put up $27M for Philly newspaper auction
NEW YORK (AP) - April 27, 2010 -- Revlon chairman Ronald Perelman and his philanthropist father are pledging $27 million toward a local bid for Philadelphia's two largest newspapers at a bankruptcy auction under way in New York.
A newspaper lawyer says the bidding had not begun late Tuesday, nearly 12 hours after the scheduled 11 a.m. start of the closed-door auction for The Philadelphia Inquirer and Philadelphia Daily News.
The two sides haggled over auction rules throughout the day.
Court papers filed Tuesday show 92-year-old Raymond Perelman has committed $12.6 million in cash and his son, Ronald, $4.4 million to the local bid. They are also offering up to $10 million in loans.
Their group is competing with secured creditors and a Canadian investment firm, Stern Partners, in the bidding.
philadelphia, pennsylvania, philadelphia daily news, philadelphia inquirer, local/state
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