Philly news lenders appeal auction bid rules
Business Law
Creditors trying to win control of Philadelphia's two major newspapers have asked a U.S. appeals court to reconsider a key ruling involving the upcoming bankruptcy auction.
Secured creditors are owed about $300 million by owners of The Philadelphia Inquirer and Philadelphia Daily News. They want to use that "IOU" to make a so-called "credit bid" for the company.
The auction is scheduled for April 27. A local group that includes current investor Bruce Toll, the housing company founder, and chemical company heir David Haas has made an opening $67 million bid.
A federal appeals panel issued a 2-1 decision this month that lets Philadelphia Newspapers deny creditors the right to bid with the money owed them. The lenders this week asked the full 13-judge court to hear their appeal, charging that the ruling upends decades of precedent and will disrupt the credit industry.
"The panel decision in this case represents a startling break with decades of established bankruptcy practice and a repudiation of basic principles of bankruptcy law," the creditors wrote in the 122-page motion filed Monday.
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