Key Hearing for Philly Dailies is Delayed

Posted Thursday, March 12, 2009 12:00 am

By: A hearing that could decide who controls Philadelphia's two largest newspapers amid a bankruptcy filing has been delayed until late March.

The parent company of The Philadelphia Inquirer and Philadelphia Daily News filed for bankruptcy last month, citing about $395 million in debt.

Housing mogul Bruce Toll, already a key investor in Philadelphia Newspapers LLC, is among those pledging $25 million in interim financing. But some creditors oppose terms that include the retention of Chief Executive Brian Tierney. They have proposed their own $20 million financing package.

A judge Thursday postponed a hearing on the matter until March 24 and March 25 while the two sides negotiate. The parties are due in court next week on other issues.

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Key Hearing for Philly Dailies is Delayed

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