Union Says Phil. Inquirer Filing for Reorganizational Bankruptcy

[JPZenger]

Feb 22, 10:39 PM EST

http://hosted.ap.org/dynamic/stories/P/PA_PHILADELPHIA_NEWSPAPERS_BANKRUPTCY_PAOL-?SITE=PAWIC&SECTION=HOME&TEMPLATE=DEFAULT


"By BOB LENTZ
Associated Press Writer

The newsroom union says the owner of The Philadelphia Inquirer and Philadelphia Daily News is filing for bankruptcy. The Newspaper Guild of Greater Philadelphia says in an e-mail to union members Sunday night that Philadelphia Newspapers Inc. has filed for Chapter 11 protection.

The e-mail, obtained by The Associated Press, tells members to stay calm. The e-mail says "the company is still in business, the papers are still publishing" and members should report for work.

PNI is owned by Philadelphia Media Holdings LLC. It is the second newspaper company in two days, and fourth in recent months, to seek bankruptcy protection. The Journal Register Co. filed for Chapter 11 on Saturday. The Chicago-based Tribune Co. sought bankruptcy protection in December, and The Star Tribune of Minneapolis followed suit last month."

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This is one of a series of newspaper bankruptcies, including the Tribune (parent company of the Allentown Morning Call).

http://hosted.ap.org/dynamic/stories/J/JOURNAL_REGISTER_BANKRUPTCY_PAOL-?SITE=PAWIC&SECTION=HOME&TEMPLATE=DEFAULT

"(AP) -- The Journal Register Co., publisher of the New Haven (Conn.) Register and other newspapers, filed for Chapter 11 protection Saturday, joining at least two other publishers that turned to bankruptcy court in recent months amid slumping advertising revenue and circulation.

The Yardley, Pa.-based company said in a statement posted Saturday on its Web site that it expects to operate as usual during restructuring and didn't anticipate any interruption in business.

"We intend to emerge from the Chapter 11 process stronger, leaner and more financially viable in the current environment. ... Our business will continue its normal operations and we will publish content as usual throughout this process," Chairman and Chief Executive James W. Hall said in the statement.

The Journal Register owns 20 daily and 159 non-daily newspapers, serving greater Philadelphia, Michigan, Connecticut, the greater Cleveland area and parts of New York state. It has about 3,500 employees."