OH NO: Philadelphia Newspapers File for Bankruptcy

by Kevin Ross - Posted Tuesday, February 24th, 2009. Category: Urban/M - Urban/AC

Two U.S. newspapers have filed for bankruptcy, the latest blow for the country’s struggling newspaper industry. Philadelphia Newspapers, owner of The Philadelphia Inquirer and the Philadelphia Daily News, said it filed the motion Sunday to protect the company while it restructures $390 million in debt. Both newspapers say they will continue publishing during the restructuring.

Philadelphia Newspapers Chief Executive Officer Brian Tierney says the restructuring is based solely on the paper’s debt and not its operations. The move came a day after the Journal Register Company, publisher of 20 daily newspapers, also filed for bankruptcy.

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