(I believe) This is GOOD NEWS- RE: Philadelphia Newspapers et al.

[PCIntern]

http://www.philly.com/philly/business/20100428_Bidding_finally_begins_to_Inquirer__Daily_News_and_Philly_com.html


Phila. Newspapers sold to lenders
By Christopher K. Hepp and Harold Brubaker

INQUIRER STAFF WRITERS

NEW YORK - Brian P. Tierney, CEO of Philadelphia Newspapers L.L.C., announced Wednesday afternoon that the company that owns the Philadelphia Inquirer, the Daily News and Philly.com has been sold to its senior lenders for about $139 million.

The $138.9 million bid includes $105 million in cash, and the company's North Broad Street headquarters, which was valued at about $29.5 million.

"Brian Tierney was extremely gracious in defeat. He pledged his support for a smooth transition. The senior lenders were very grateful," said Ben Logan, a lawyer for the committee of unsecured creditors.

The senior lenders expect to close by late June, and there will be $10 million of liquidity to operate the business, said Lawrence G. McMichael, the lead attorney for the company.
++++++++++++++++++++++++++++++++++

Much more at the link:

Tierney was a RW Rethug and THE Professional Apologist for the Archdiocese of Phladelphia, and we all know what that's about.

Even if the papers turn into the Globe, and I don't mean the BOSTON Globe, it's better than having this asshole who hired Rick Santorum and John Yoo for the editorial page.