Philly Newspapers File for Bankruptcy
Not long after reports that the Philadelphia Inquirer and Daily News were seeking a bailout from our beloved spendaholic Dem Governor Ed Rendell we now hear that the papers are filing for Bankruptcy: Philadelphia Newspapers L.L.C., which owns The Inquirer, the Philadelphia Daily News, and Philly.com, filed for bankruptcy protection today in a bid to restructure its $390 million in debt load. The company, bought by a group of Philadelphia-area investors for $562 million in 2006, said the voluntary Chapter 11 filing would not interrupt its daily operations. “This restructuring is focused solely on our debt, not our operations,” chief
February 23, 2009