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In re Philadelphia Newspapers, LLC

2009 Bankr. LEXIS 3167 (2009)

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In re Philadelphia Newspapers, LLC

United States Bankruptcy Court for the Eastern District of Pennsylvania
2009 Bankr. LEXIS 3167 (2009)

Facts

Philadelphia Newspapers, LLC (debtor) filed for protection under Chapter 11 of the United States Bankruptcy Code. Philadelphia Newspapers entered an agreement with Philly Papers, LLC—a company whose chairman was also chairman of a holding company that owned or controlled several Philadelphia Newspapers entities. The plan was to offer Philadelphia Newspapers’ assets to Philly Papers for a certain sale price, invite bids from other companies willing to pay more than that price, and guarantee a breakup fee to Philly Papers if another bidder was successful. Philadelphia Newspapers moved for the bankruptcy court’s approval of the planned sales procedure, which reflected the agreement with Philly Papers. Various parties objected, including the United States trustee and the prepetition lenders, who were also interested in submitting bids. The objecting parties specifically questioned the necessity of the breakup fee.

Rule of Law

Issue

Holding and Reasoning (Raslavich, J.)

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