UCC, Commercial Contracts and Business Law Center: News Headlines: Commercial News: Owners fight credit bid in Philly newspaper sale

Commercial News

11/4/2009 9:22:57 AM EST

Owners fight credit bid in Philly newspaper sale

Posted by UCC, Commercial Contracts & Business LC Staff

PHILADELPHIA – (AP) The owners of Philadelphia's two major dailies are waging a late-stage battle to keep the newspapers from creditors in a looming bankruptcy auction.

Under a key ruling in the case, senior lenders have the right to use the $300 million owed them to win The Philadelphia Inquirer and Philadelphia Daily News at the Nov. 18 auction. Full version (available to lexis.com subscribers)

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