By: E&P Staff
A Vancouver company with a controlling interest in the Winnipeg Free Press and the Brandon Sun is reportedly making a bid for The Philadelphia Inquirer and Daily News.
Stern Partners is one of several firms looking at the properties to help bring its parent company, Philadelphia Newspapers, out of bankruptcy, the Daily News’ Bob Warner reports. Executives with Stern Partners met Philadelphia Newspapers CEO Brian Tierney and other managers last week.
Ronald Stern, founder of Stern Partners, told Warner that he is bound from commenting due to a nondisclosure agreement but that he “enjoyed looking” at the papers.
So far 20 companies have signed NDAs to look at the books of Philadelphia Newspapers, but only seven or eight of them will likely bid when the papers come up for auction later this year, the Daily News said.
For the moment the auction has been frozen as a court determines if secured lenders can use debt instead of cash as part of the bid.