Philadelphia Inquirer Lenders Beat Perelman in Court Auction

Raymond Perelman, father of billionaire Ronald Perelman, was outbid in a bankruptcy court auction for the Philadelphia Inquirer and its sister publication by lenders for the newspaper who offered $105 million.

Perelman, 93, declined to raise his $85 million offer, which included $10 million from the Philadelphia Carpenters Union pension fund, he said in an interview after the auction. The Philadelphia-area resident said he decided to bid for the paper for the second time this year to ensure it survives the bankruptcy of its parent company, Philadelphia Newspapers LLC.