Bankruptcy Judge Approves Philly Newspapers' Spending

Posted
By: Philadelphia's two largest daily newspapers have gotten approval to spend up to $1.15 million until its next bankruptcy hearing.

It will enable The Philadelphia Inquirer and the Philadelphia Daily News to continue to use its cash through the next scheduled hearing on March 17.

The owner of both newspapers, Philadelphia Newspapers, filed for Chapter 11 bankruptcy protection last month in an effort to restructure its $395 million debt load.

The next hearing is expected to cover a dispute between the company and some creditors over how to finance operations during the bankruptcy reorganization.

Comments

No comments on this item Please log in to comment by clicking here