The Philadelphia Media Network announced Oct. 8 that it has completed the acquisition of the Philadelphia Inquirer, Daily News, and Philly.com, enabling the newspapers and website to formally emerge from bankruptcy.
Plan Confirmed.
The sale brings to a close the bankruptcy proceedings of Philadelphia Newspapers LLC, which filed for Chapter 11 protection Feb. 22 in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania after defaulting on its debt of more than $400 million (21 BBLR 255, 2/26/09).
Judge Steven Raslavich approved the debtors’ fifth amended joint Chapter 11 plan Sept. 30, concluding that the plan satisfies Bankruptcy ...
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