PHILADELPHIA (AP) — Philadelphia Newspapers hopes to use $35 million in new capital to settle nearly $400 million in debts and emerge from bankruptcy.
A lawyer for the company says an opposing creditors’ plan would leave the papers saddled with up to $85 million in debt. Lawyer Larry McMichael says The Philadelphia Inquirer and Philadelphia Daily News would be hard-pressed to survive under that plan.
McMichael offered basics of the competing reorganization plans after a hearing Tuesday, but neither has been filed.
The new judge handling the bankruptcy of Philadelphia’s two large dailies warned all sides to stop bluffing or risk having the newspapers go under.
The company filed for bankruptcy in February.
Archive
August 11, 2009
The Muppets Are Oscars Bound!
ShowBiz Minute: House, Perry/Brand, Grammys
Hearts Are Pumping for the Ladies in Red
Androgynous Model Walks Runway As Man and Woman
ShowBiz Minute: Super Bowl, Taylor, Adele
Dench: 'I'm Not Going to Retire.'
No 'Safe House' With Ryan Reynolds Around
Stars Come Out at the Oscars Luncheon
David Guetta, Avicii Talk Grammy Nominations
Rapper J. Cole Is Ready for the Grammys
Chris Brown, More R&B Performers Look to Rapping
ShowBiz Minute: Chris Brown, Jay-Z, Oscar Lunche
Love in the Air at 'The Vow' Premiere
Daniel Radcliffe Haunted by the 'Woman in Black'
ShowBiz Minute: M.I.A., Washington, Box Office
Video of M.I.A's Obscene Halftime Gesture
M.I.A. Flips Bird at Super Bowl Halftime Show
Kelly Clarkson Honors America at Super Bowl
Backstage Access With Celebs at Super Bowl
Katy Perry, Taylor Lautner at NFL Awards
