The owners of The Philadelphia Inquirer, Daily News, and Philly.com have offered their major creditors $50 million to bring the company out of bankruptcy, according to the Inquirer.
The creditors - including New York financial firms Angelo, Gordon & Co., and CIT Group Inc. - are owed about $300 million by Philadelphia Newspapers L.L.C., headed by Brian P. Tierney. He and his partners bought the company for $515 million plus assumed liabilities.
Tierney said the lending group hasn't yet responded to the $50 million proposal, which would require a substantial amount of debt forgiveness.
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