Philadelphia Inquirer Has Two Bidders for Bankruptcy Auction, Lawyer Says

The Philadelphia Inquirer and its sister newspaper will have two bidders competing to buy them out of bankruptcy at an auction in which the opening offer is less than half the value of a deal that fell apart this month.

Lenders who backed out of their promise to buy the company for $139 million on Sept. 14, will compete with Raymond Perelman, father of billionaire Ronald Perelman, said Lawrence G. McMichael, an attorney who represents the holding company that owns the two newspapers.

To contact the reporter on this story: Steven Church in Wilmington at schurch3@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

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