The parent company of the two major Philadelphia daily newspapers hopes to emerge from bankruptcy debt-free by paying creditors $37 million in cash plus real estate to settle nearly $400 million in debt.þþA plan filed Thursday gives creditors the downtown building that houses The Philadelphia Inquirer and The Philadelphia Daily News. The company would raise $35 million in new capital from investors, including a housing mogul, Bruce Toll, and the Carpenters Union Pension Fund. þþThe company values its offer at $92 million, which includes $25 million to exit bankruptcy and the nearly $30 million value it placed on its flagship building and an adjacent parking lot.þþThe documents do not address management, newsroom or labor issues. Brian P. Tierney, a former public relations executive, led the group that bought the company three years ago.þþCreditors have drafted their own reorganization plan, and want new leadership. To go into effect, any plan must be approved by a bankruptcy judge. þþ
Source: NY Times
