(AP) – Philadelphia’s two main daily newspapers go on the auction block next week as the publications’ current owners and their creditors remain locked in a bitter dispute for control after more than a year in bankruptcy protection.
The Philadelphia Inquirer and the Philadelphia Daily News could stay in local hands and shed about $300 million in debt if housing executive Bruce Toll and other local investors prevail at Tuesday’s closed-door auction in New York. That group said Wednesday that it will revise its initial bid before Friday’s deadline.
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