Posted on 02/23/2009 2:25:26 AM PST by Scanian
PHILADELPHIA — The owner of The Philadelphia Inquirer and Philadelphia Daily News filed for Chapter 11 bankruptcy protection Sunday in an effort to restructure its debt load.
Philadelphia Newspapers Inc., owned by Philadelphia Media Holdings LLC, is the second newspaper company in two days, and fourth in recent months, to seek bankruptcy protection.
"This restructuring is focused solely on our debt, not our operations," chief executive officer Brian P. Tierney said in a statement. "Our operations are sound and profitable."
The filing Sunday indicated the company has between $100 million and $500 million in assets and liabilities in the same range. The company said it will continue the normal operations of its newspapers, magazines and online businesses without interruption during the debt-restructuring process. In a story posted on its Web site Sunday, the company says it has a debt load of $390 million.
"In the last two years, we experienced the rare trifecta of a dramatic decline in revenue, the worst economic crisis since the Great Depression and a debt structure out of line with current economic realities," Tierney said.
(Excerpt) Read more at foxnews.com ...
Yeah, right.
How is the Pittsburgh Tribune-Review doing? It used to actually investigate the Clintons . Then it endorsed Hillary! The owner and publisher, billionaire Richard Mellon Scaife use to be the object of Clinton talking point attacks.
“The Philadelphia Inquirer and Philadelphia Daily News filed for Chapter 11 bankruptcy protection”
Yawn,
GOOD
That’s what happens when you are no longer viable. Being the DNC attack machine only sped up their death. Good Riddance.
Pray for America
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