Lenders bid $105M for Philadelphia Inquirer, Daily News, Perelman boosts his bid to $85M

Auction underway for Philly newspapers

PHILADELPHIA — Philanthropist Raymond Perelman has increased his cash bid to $85 million for The Philadelphia Inquirer and Daily News.

That’s still $20 million less than the $105 million opening bid posted by creditors.

However, the seller could potentially deem Perelman’s bid a better offer for the company based on non-cash terms involved in the deal. Perelman’s opening bid was $50 million.

The two sides are considering their next moves in the bankruptcy court auction.

The creditors won a spring auction with a $139 million deal that included $105 million in cash. But creditors failed to close on that sale, prompting the need for Thursday’s auction.

The company is being auctioned off by local investors who bought it for $515 million in 2006 and filed for bankruptcy in 2009.