Things Suddenly Looking Sunnier in Philadelphia?

Posted Friday, October 1, 2010 12:00 am

By: E&P Staff

The situation for the Philadelphia Inquirer and Daily News seems to be looking up.

Philadelphia Newspapers moved closer to turning the page from Chapter 11 Thursday when Chief Bankruptcy Judge Stephen Raslavich approved its reorganization plan.

In the approved re-org, Philadelphia Newspapers LLC, which includes the two dailies and Philly.com, will be sold to the company’s senior lenders for about $139 million. The Inquirer reported that the senior lenders, a collection of about 30 financial institutions, are expected to settle on the sale by Oct. 8.

The Inquirer reported that after the hearing, the company’s prospective new owner, Philadelphia Media Network, said it had reached an understanding with the company’s mailers (the unionized workers who bundle the papers for delivery), and were backing off from the idea of closing the two papers if any further labor problems arose.

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Things Suddenly Looking Sunnier in Philadelphia?

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