A coalition of Philadelphia Media Holdings L.L.C.'s largest debtholders has again won ownership of The Inquirer, the Daily News and Philly.com.
The group of senior lenders, 16 financial institutions including Angelo, Gordon & Co., Alden Global Capital and Credit Suisse, submitted the winning bid of $105 million in cash today at an auction conducted before Chief U.S. Bankruptcy Judge Stephen Raslavich here.
Once again, the senior lenders group outbid a challenge - it started at $50 million and then was increased to $85 million - by local investors Raymond Perelman, businessman and philanthropist, and the Carpenters Union pension fund.
The senior lenders first bought Philadelphia Media Holdings at a bankruptcy auction in April.