Bids due Wednesday for repeat bankruptcy auction of Philadelphia Inquirer, Daily News

By Maryclaire Dale, AP
Wednesday, September 22, 2010

Bids due for court auction of Philly newspapers

PHILADELPHIA — Wednesday is the deadline to submit bids and enter Thursday’s bankruptcy auction for Philadelphia’s two largest newspapers.

The minimum bid for the company that operates The Philadelphia Inquirer and Philadelphia Daily News is $50 million cash.

Company lawyer Larry McMichael says no bids had been submitted with just minutes to go before the noon deadline. But he expects at least two parties to take part.

Creditors who bid $139 million at an April auction but failed to close the deal vow to prevail again. And Philadelphia business mogul Raymond Perelman has shown serious interest. McMichael says three or four other groups have reviewed company records.

Local investors paid $515 million for the company in 2006, but filed for bankruptcy three years later.

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