Three bidders for Philadelphia newspapers


The Philadelphia Inquirer reports that three groups submitted bids to buy Philadelphia Newspapers LLC, the owner of the Inquired and Philadelphia Daily News, which is in Chapter 11 bankruptcy reorganization. A formal auction is set for Tuesday.

The company management is now reviewing the three offers with its advisors to determine which one is the “highest and best,” which will become the stalking horse bid to serve as the floor for the auction.

Bids were reportedly submitted by Stern Partners of Vancouver, BC, a group of local investors joined by billionaire Ron Burkle and the senior lenders to Philadelphia Newspapers LLC – who had vowed to make an aggressive cash bid after being denied the option of using their loans for a credit bid.