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US judge nixes creditors' use of $300M owed them to buy Philadelphia newspapers at auction
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PHILADELPHIA - A judge says creditors trying to take over Philadelphia's two major newspapers in a bankruptcy auction must bid in cash, not with the $300 million owed them.
The decision Tuesday overturns a bankruptcy court ruling that seemed likely to give The Philadelphia Inquirer and Philadelphia Daily News to creditors.
The newspapers had appealed in an effort to hold on to the company at next week's scheduled auction.
U.S. District Judge Eduardo Robreno agreed the newspapers do not have to allow credit bidding.
A group of current and new investors has offered an opening bid of $67 million in cash and real estate to settle the $300 million debt held by senior lenders.
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