Newspaper Deathwatch: Philadelphia Papers File for Chapter 11

by jill ~ February 23, 2009

According to Newspaper Death Watch:

“The dominoes are beginning to fall. Hard on the heels of Journal Register’s bankruptcy filing this weekend, Philadelphia Newspapers LLC filed chapter 11 on Sunday. The publisher of the Philadelphia Inquirer and Philadelphia Daily News indicated that its assets and liabilities are both about $500 million and that it needs court protection to restructure its debt. “Our operations are sound and profitable,” said CEO Brian Tierney. It’s the debt that’s the problem.

Philadelphia Newspapers is the fourth newspaper company to file for bankruptcy since December, following in the path of Tribune Co., the Minneapolis Star Tribune and Journal Register.”

See the full post here.