Philadelphia newspapers sale collapses

Reuters ^

[Sub-Driver]

Philadelphia newspapers sale collapses 12:59pm EDT

NEW YORK (Reuters) - The sale of Philadelphia's two largest newspapers collapsed on Tuesday, forcing the publisher to find a new way to sell itself through the bankruptcy process.

The sellers had faced a noon EDT (1600 GMT) deadline to sell the Philadelphia Inquirer and Philadelphia Daily News to its lenders for $139 million, which required that it resolve disputes with various unions.

"The transaction has not closed," said Lawrence McMichael, a partner at Dilworth Paxson LLP representing Philadelphia Newspapers LLC. "The asset purchase agreement has expired. We are working with all parties on an appropriate alternative."

The newspapers will continue operating normally, he said.

A court hearing before U.S. Bankruptcy Judge Stephen Raslavich in Philadelphia is set for 2 p.m. EDT (1800 GMT).

[Sub-Driver]

Two liberal rags........

[BenLurkin]

The Federal government should step in and bail them out with an ongoing infusion of tax dollars.

/S

[RC one]

It’s a great town though. The historic district is especially nice.

[basil]

Brought down by their own unions.

[Zakeet]

Light your candles ... that which was predicted and dismissed this morning has
apparently just happened

[Gabrial]

What's a newspaper?

[nmh]

Time for another Obama bailout?

He needs his propaganda arm to fool the foolish ones.

[Steely Tom]

Oh, this is funny. I was down in Philly two or three years ago. I took the train in from a northern suburb. There was a guy at the platform in Radnor handing out copies of the Inquirer free. I mean, he was trying to get people to take one. I passed, and I didn't see more than two or three people go for it.

[NorCoGOP]

The newspapers will continue operating normally, he said.

I thought they were bankru...oh, wait...

...they must be ideologically bankrupt which, as a newspaper, makes sense...

...thank the unions for this.

The ironic thing is, the employees of the newspaper will need to look for new work sooner rather than later, meaning, having to read the "Help Wanted" ads in their own product...

[USFRIENDINVICTORIA]

Newspapers! Newspapers! Get 'em while they're cheap. Two-fer-one special!

[bill1952]

It’s a great town though.

Yeah. - crime, murder, unparalleled poverty, union stranglehold, corruption, & a 105% vote for Democrats.
The perfect liberal swamp.

52nd street

[Frantzie]

Philadelphia is a “great town?” How about their lovely sister city Camden, NJ?

[tflabo]

Well the leftists wanted a 'green society'. The liberal Philly rags are going down and a few trees will be spared in the process and the jobs lost will be a boon to mother nature instead.

Philadelphia TREEdom!

[yesca]

...& yet 90 years ago Camden was as beautiful as any city in the world.

Find a picture book and see for yourself.

[oh8eleven]

There was a guy at the platform in Radnor handing out copies of the Inquirer free.
My local Gannett rag does the same thing in our grocery stores.
I always ask whomever is behind the counter if they know the difference between the local rag and Pravda?
When they say no, I say - me neither, and walk away.

[RC one]

Show me a large city that doesn’t have all of that. And those cities lack all the great stuff that Phili has to offer. I’m pretty much a country boy so I’m not generally comfortable in any large city but the society hill/historic district of Philadelphia was very impressive and absolutely worth visiting. South street was a great time too.

[RC one]

New Jersey has some work to do as does Massachusetts.

[MEGoody]

Two liberal rags........

Screwed by the liberal unions. If that isn't poetic justice, I don't know what is.

[Mark was here]

I like how folks can drink out of a paper bag and not get the bag wet.