Posted on 02/23/2009 3:24:04 AM PST by SkyPilot
Philadelphia Newspapers L.L.C., the parent company of the Philadelphia Inquirer, Philadelphia Daily News and Philly.com, has filed for Chapter 11 Bankruptcy protection Sunday.
The company says it is looking to restructure $390 million in debt and decided to pursue Bankruptcy Court following 11 months of negotiations with lenders.
“This restructuring is focused solely on our debt, not our operations,” chief executive Brian Tierney told Philly.com.
He said the filing would not affect the media company’s daily operations.
Newspaper Guild president Dan Gross notified members about the filing in a letter. He asked members to stay calm and to still report to work:
(Excerpt) Read more at msnbc.msn.com ...
We all know they have been falling for years, way, waaaaaaaaaaay before September 2008 and the credit crunch.
Their liberal one-sided bias and garbage did them in. On the day Obama was inagurated, The Philadelphia Daily News launched a lead editorial calling for the "criminal prosecution" of the entire Bush Administration.
Don't worry about these rags. They will be "bailed out" by Obama and his Democrat thugs.
We can hope that it never arises from the ashes.
Toss that rag into the trash heap of liberal history.
We still have the Bulletin. Let the Inquirer go. The Daily News has clever front page lines but not enough to make me buy it.
Good morning.
Indeed. I need to fix up a toe tag thingy for them, lol!
Lemmie guess - their union contracts are killing them and that will be the first thing they will want to change in bankruptcy court.
But they want to force insane unions on the rest of American businesses...
Good riddance to another leftist liberal mouthpiece! Two more bricks in the Mighty Media Monolith removed!
The union contracts may be an issue but from a former customer and reader of the Inquirer I can tell you they brought this on themselves. They continued to support and defend the left. They endorsed every Democrat candidate. They missed every opportunity to appear to be fair in reporting. Philadelphia has been under Democrat control for decades. School systems are bloated Democrat job machines.
The city needs a newspaper that is not a tool of the Democrat liberal Democrat machine. I told them many times when they called with the wonderful deals on subscriptions.
When you move out of the pocket of the Democrat party I may come back.
With JRC filing bankruptcy on Saturday, this means almost every daily newspaper in the Philadelphia region is bankrupt.
The destruction of conventional news publishers — which is due to a lot of things, including the failure of the leftist youngsters who don’t read much anyway, and prefer RSS feeds and HuffPo etc — will bear some interesting fruit. It seems to me as if Obama’s White House website has been cited as a news source more in the first month in office than the Bush White House website was in eight years.
Whoops. Thought the title looked different. Lotsa tabs open a few minutes ago.
Philadelphia “inquirer” and “Daily News” File Chapter 11 Bankruptcy
Philadelphia local TV | 23 February 2009
Posted on 02/22/2009 9:24:50 PM PST by Intolerant in NJ
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