The Philadelphia Inquirer and Philadelphia Daily News are in Chapter 11 litigation right now, trying to fend off creditors’ $400 million dollar claim.
They are seeking to shed most of its $400 million in debt by repurchasing the company through a bankruptcy auction for about 22 cents on the dollar. Good luck with that.
May not be possible without some pressure from Obama. He was, after all, instrumental in getting Chrysler’s creditors to take a similar deal. He may as well make it official and take them over too. Then the ‘Obama media’ wouldn’t just be an adjective. It would be a pronoun. It would also make Hugo Chavez and the Castro brothers insanely jealous.
link: UPDATE: Philly Newspaper Creditors Hire Former Publisher Hall, Auction Planned
