Philadelphia Newspapers exclusivity extension shorter than expected

By Jennifer Lanning Drey

Portland, Ore., June 22 - Philadelphia Newspapers, LLC was granted a shorter-than-requested extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania.

The company's exclusive plan-filing period was extended to Aug. 31 from June 22 and the solicitation period to Oct. 31 from Aug. 21.

Philadelphia Newspapers had asked the court to extend the exclusive plan-filing period to Sept. 21 and the solicitation period to Nov. 19.

In the order granting the approval, the court noted that the extension of the solicitation period does not prevent a party in interest from filing a competing plan of reorganization after Aug. 31. However, the party would not be able to begin soliciting votes on the competing plan until after the expiration of the company's exclusive solicitation period.

When requesting the extension, Philadelphia Newspapers cited the size and complexity of its bankruptcy case as reasons it needed more time to restructure its businesses and exit bankruptcy.

The company, based in Philadelphia, owns The Inquirer, the Philadelphia Daily News and Philly.com. Its Chapter 11 case number is 09-11204.

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