PHILADELPHIA (CBS) – Today brings what should be the final hurdle for the Philadelphia Inquirer and Daily News to get out of bankruptcy. A plan by the winners of the auction for the papers and their website is expected to be confirmed.
Unlike the outcome of the bidding in April, a complete collapse of last week’s deal is the last thing on the minds of the owners old and new alike:
“A cofirmation hearing is never routine, but I don’t think this will be a particularly hotly contested one. I think we’re in pretty good shape.”
The debtors’ lawyer, Larry McMichael, says they’ll argue that the federal bankruptcy court judge approve the $105-million cash the collection of banks and hedge funds put up for the win.
If the judge gives the go-ahead as expected, McMichael says the papers would emerge from 19 months of bankruptcy next Tuesday.
Reported By Ian Bush, KYW Newsradio