Philly newspaper bidders prep for Today's auction
PHILADELPHIA — Bidders hoping to enter the auction for Philadelphia’s two largest newspapers are awaiting word if they’re deemed eligible to participate.
Local owners plan to sell the company that owns The Philadelphia Inquirer and Philadelphia Daily News as part of a plan to emerge from bankruptcy.
Publisher Brian Tierney says Monday he’s pleased that multiple bids came in by Friday’s deadline, given industry woes.
Secured creditors owed more than $300 million say they’re among the bidders.
Creditors lawyer Abid (AH’-bid) Qureshi (kuh-RESH’-ee) says they haven’t heard if the bid is deemed qualified under rules the company established. The company has until 11 a.m. Monday to tell bidders if they’re in or out.
An afternoon court hearing is set for any challenges.
By Maryclaire Dale, AP
1 comment:
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