Media Blog

Philadelphia Inquirer Bankruptcy Update

I’ve been enjoying The Bulletin’s ongoing, detailed coverage of the Philadelphia Inquirer’s financial woes. One gets the feeling that there’s a hint — just a taste — of unspoken glee at work in their reportage. Today’s update:

Philadelphia Newspapers, the company that publishes The Philadelphia Inquirer, came under fire yesterday for its attempt to push back a deadline for notices of removal in the face of dwindling cash reserves.
The deadline, which will occur at the end of this week, would limit the number of cases against the company that could be removed to different jurisdictions, so the bankruptcy court may consider them. Philadelphia Newspapers requested moving the deadline back by 120 days, drawing criticism in the form of a filing objecting to the request.
“Such delay is prejudicial to creditors who have been held hostage while the debtors try to browbeat the bank group into conceding to a $200 million write down,” said a filing by Charter School Management, Inc. (CSMI), the plaintiff in a lawsuit against the company and its CEO, Brian Tierney. The CSMI case is on hold because of the bankruptcy.

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