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Creditors seek to delay bankruptcy auction of Philadelphia Newspapers to fight bid rules
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PHILADELPHIA - Creditors trying to take over Philadelphia's two major newspapers hope to delay next week's scheduled bankruptcy auction while they challenge the bid rules.
The creditors want to use $300 million owed them to bid on The Philadelphia Inquirer and Philadelphia Daily News.
A bankruptcy judge had upheld the right to "credit bid," making it likely the creditors would prevail. But the newspapers successfully appealed, and the creditors must now bid in cash.
Creditors include the Royal Bank of Scotland and the CIT Group. They seek to delay the auction while they appeal the latest order. A hearing is set for Thursday.
The newspapers are owned by local investors who want to keep them in local hands despite the February bankruptcy filing.
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