By: E&P Staff The parent company of The Philadelphia Inquirer and The Philadelphia Daily News will make its reorganization plan public by the end of next week, according to a company lawyer.
The Inquirer reported Wednesday that Peter J. Young, representing Philadelphia Newspapers LLC, told U.S. Bankruptcy Judge Jean K. FitzSimon that the company was going over details of the plan with investors, and the plan would have to be circulated among the creditors before it could be presented to the court.
FitzSimon had given the company until Aug. 31 to present its plan. Company officials did not reveal any new details, but had previously revealed that the plan involved raising $50 million in new capital and negotiating with lenders to reduce the company's $300 million debt.
Philadelphia Newspapers has also filed a motion asking FitzSimon to reconsider her order blocking the company from conducting its investigation into an unauthorized taping of a meeting by a lender, the Inquirer reported. The company claims that the committee of unsecured creditors appointed by FitzSimon botched the investigation, and is demanding John M. Elliot, an attorney of its own choosing, handle the investigation.
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