Phila. Newspapers sold to lenders

Source: Philly.com

NEW YORK - Brian P. Tierney, CEO of Philadelphia Newspapers L.L.C., announced Wednesday afternoon that the company that owns the Philadelphia Inquirer, the Daily News and Philly.com has been sold to its senior lenders for about $139 million.

The $138.9 million bid includes $105 million in cash, and the company's North Broad Street headquarters, which was valued at about $29.5 million.

"Brian Tierney was extremely gracious in defeat. He pledged his support for a smooth transition. The senior lenders were very grateful," said Ben Logan, a lawyer for the committee of unsecured creditors.

The senior lenders expect to close by late June, and there will be $10 million of liquidity to operate the business, said Lawrence G. McMichael, the lead attorney for the company.


Read more: http://www.philly.com/philly/business/20100428_Bidding_finally_begins_to_Inquirer__Daily_News_and_Philly_com.html

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Good. Tierney was a RWer of the first order AND the official apologist for the Archdiocese of Philadelphia. I rest my case.

Philly is a left-wing city. The incredible rightward slant of the Inky was scaring away readers.

Hopefully the lenders will find a better owner, and not liquidate them.

The engineers from that Philly.com's team were instrumental in working with us on the next generation for all of Knight Ridder's sites before McClatchy bought most of Knight Ridder's newspaper network out a few years back. My times have changed since then.