Posted on 08/11/2009 10:26:27 AM PDT by curth
Philadelphia Newspapers, the company that publishes the Philadelphia Inquirer, admitted in court filings last week that if it does not get a proposed loan, it would have to cease publication.
"Absent the proposed DIP facility and the use of the cash collateral, the debtors likely will be unable to pay their ordinary business expenses, including employee wages," said the filing. "In that event, all operations will cease -- employees will be terminated, the Philadelphia Inquirer will no longer be published, and all assets on which the prepetition senior lenders assert a lien will be liquidated."
The filing did not give a date by which the company needed the loan.
The case, which began when Philadelphia Newspapers filed for bankruptcy on February 22, initially was presided over by Judge Jean K. FitzSimon. Judge FitzSimon was removed from the case due to medical reasons last week, and was replaced with Judge Stephen Raslavich, the Chief Judge of the U.S. Bankruptcy Court of the Eastern District of Pennsylvania.
Following the change, the hearings on a plan for the company's Debtor In Possession (DIP) financing were moved to Aug. 11 at 2 p.m. The rescheduling filing carried a notice that all objections and responses to the reschedule were to be filed before the close of business on Friday.
Senior creditor Citizens Bank had filed a request that the court enforce subpoenas served on Republic First Bank to make Republic First submit the contents of refinancing negotiations with Philadelphia Newspapers. Philadelphia Newspapers filed a revised refinancing proposal last week, outlining its plans for a $15 million loan from Republic First, and asking permission to pay $450,000 in fees incurred by Republic First's due diligence.
(Excerpt) Read more at thebulletin.us ...
Well...bye.
Since Philly is filled with libs I don’t know if becoming a decent paper that was fair in reporting would have much effect
I am in the Burbs and get called at least 3 or 4 times a year to subscribe and I tell then they are too left wing
Still I don’t like seeing papers going out of business
I just wish they were fair and balanced
Well I would buy it again if I weren’t insulted before reading below the fold almost every day. I dropped them long ago.
Buh, bye, Inquirer.
Owl, I know you worked for both the Bulletin and the Stinky Inky.
The Bulletin is by far better, I actually don’t see the Bulletin often, never a hard copy, just links on the net. Exception was the freebie drops.
Hope the demise of the Inky will save my aging Dad some $$. He can read garbage on the net for free, he already pays for the connection. He just doesn’t get it.
PITA to walk down to the end of the 235’ driveway to remove his trash when I visit. He does read the Doylestown Intelligencer, so do I - via the net for me though.
RIP Inky and Daily News, long time readers like myself won’t miss you. I don’t have to put the paper on the floor and crawl on it to read how bad the ‘61 Phillies were, long time ago. I can get better info without getting my knees dirty.
Actually, that’s my old friend Temple Owl, who I don’t see much around these parts these days... (give him a nudge for us, Trib?)
But I share your sentiments completely, FRiend!
LOL
LOL
OK
Why is there a Philadelphia Daily News? It should have been closed down years ago.
That's how I feel too. It's sad they make no effort beyond feeling sorry for themselves, hoping for a bailout and being knee jerk liberal...
I think breakfast is coffee and a newspaper... the death of an industry hurts.
That’s a damn shame....
I used to like to read the Bulletin with my evening meal
Afternoon papers tended toward being more conservative...
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