Bankrupt Philadelphia Newspapers Sell For $135 Million

philly mascotThe lenders won the big game.

We told you billionaires have been bidding for bankrupt Philadephia newspapers since the early dawn. Well, it’s all over and a committee of senior lenders won the auction.They purchased Philadelphia Newspapers LLC for $135 million and now own The Philadelphia Inquirer, Daily News, and Philly.com.

The lenders won against a Canadian investment firm and an investment group led by Ron and Raymond Perleman, developer Bruce Toll.

Philadelphia Newspapers has been bankrupt since February 2009. The company bought the papers for $515 million in 2006.

“We didn’t make it,” CEO of Philadelphia Newspapers LLC Brian Tierney told his former newspaper, The Inquirer. “I think I’ll go home tonight and sleep like a baby, which means I’ll wake up every hour crying.”

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