Monday, December 22, 2014

Newspaper auction is slow to start

Bidding in the bankruptcy auction of The Inquirer, Philadelphia Daily News and Philly.com had not yet started as of 1:30 p.m.

Newspaper auction is slow to start

 

Inquirer staff writer Christopher K. Hepp reports:
 
Bidding in the bankruptcy auction of The Inquirer, Philadelphia Daily News and Philly.com had not yet started as of 1:30 p.m., according to an attorney in the law offices of Proskauer Rose in New York. The auction of Philadelphia Newspapers L.L.C. was scheduled to start at 11 a.m., but bidding was delayed by back and forth over the details of the three bids that were submitted Friday.
 
Reporters are waiting at the exits of the law firm’s building at 47th and Broadway, while others are holed up in a basement conference room waiting for developments.
 
None of the key players in the bankruptcy have been sighted since Flip Huffard, a financial advisor for the group of senior lenders seeking to buy the media company, went upstairs to join the auction proceedings on the 26th floor shortly before 11 a.m.
 
Read more reports in our From The Source blog.

 

More coverage
 
Auction deadline arrives for Inquirer, Daily News and Philly.com
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