Another day, another newspaper business in Chapter 11 bankruptcy.
Philadelphia Newspapers LLC, the publisher of both the The Inquirer and the Philadelphia Daily News has filed for bankruptcy protection in an effort to restructure its $390 million debt.
The company was acquired by a Philadelphia group of investors for $562 million in 2006.
CEO Brian P. Tierney said in a statement published in part on the company’s Philly.com news portal said that the newspapers should not be affected by the move: “This restructuring is focused solely on our debt, not our operations. Our operations are sound and profitable.”
Philadelphia Newspapers LLC joins the Journal Register Company and The Tribune company in Chapter 11 bankruptcy.