Philadelphia Newspapers L.L.C., which owns The Inquirer, the Philadelphia Daily News, and Philly.com, filed for bankruptcy protection yesterday in a bid to restructure its $390 million in debt load.
The company, bought by a group of Philadelphia-area investors for $562 million in 2006, said the voluntary Chapter 11 filing would not interrupt its daily operations.
"This restructuring is focused solely on our debt, not our operations," chief executive officer Brian P. Tierney, who led the group that provided about $150 million of the purchase price three years ago, said in a news release.
Monday, February 23, 2009
Philadelphia Inquirer owner files for bankruptcy protection
Philadelphia Inquirer reports:
