Philadelphia Newspapers L.L.C., the company that owns the Philadelphia Inquirer, Daily News and Philly.com was sold at auction Wednesday. The struggling newspaper giant's senior lenders purchased the newsroom and all associated debt for $139 million, defeating several local financier groups, the Philadelphia Inquirer reports.
The local group's final offer had been the equivalent of $129 million,
which included the company's North Broad Street headquarters building,
which the company valued at about $30 million.
Lawrence G. McMichael, the lead attorney for the company, said he
expected the sale to move smoothly to confirmation, with the company
coming out of bankruptcy by the end of June.
"And that is a tremendous result," McMichael said
Original Source: Philadelphia InquirerRead the full story here.