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Sept. 24, 2010 |
CREDITORS LAND INKY AGAIN |
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By Kevin McCauley
Philadelphia Media Holdings creditor group won the second auction for the Philadelphia Inquirer and Philadelphia Daily News, bidding $105M topping an $85M bid by local businessman Raymond Perelman and the Carpenters Union pension fund.
PMH’s deal fell apart last week after the Teamsters rejected a contract. A confirmation hearing is scheduled Sept. 30.
PR man Brian Tierney fronted a group of local investors to buy the newspapers from McClatchy Cos. for $515M in 2006.
The papers filed for filed for bankruptcy in February '09.
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