In re Philadelphia Newspapers LLC
Oct
08
2009
Ruling
Debtors could not preclude lenders from submitting a "credit bid" at auction sale of substantially all debtor's businesses and assets.
Procedural posture
In this chapter 11 case, debtors moved for an order approving procedures to govern a public auction sale of substantially all of the debtors' businesses and assets. Creditor lenders, who were owed in excess of $300 million and anticipated distribution of approximately $66 million via the debtors' plan, opposed certain provisions.
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Court
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