Haas heir a potential investor in Phila. Newspapers

David W. Haas, a philanthropist and an heir to the Rohm & Haas Co. fortune, acknowledged yesterday that he is one of three investors who have stepped forward to try to clear Philadelphia Newspapers L.L.C. of debt and keep the company under its current management.

Also yesterday, the two sides in the bankruptcy reorganization case agreed to postpone a critical hearing on bid procedures that was scheduled for today.

Haas, in a statement explaining his decision to invest in the company, said: "I have long had a personal interest in the role of journalism as an important force in civic life - locally and nationally. . . . Because of the importance of The Philadelphia Inquirer and Daily News to the region, I felt compelled to get involved."

Haas was a director of the former Rohm & Haas Co. and is chairman of the board of the William Penn Foundation. He is a grandson of F. Otto Haas, founder of Rohm & Haas, a Philadelphia-based specialty-chemicals company that earlier this year was sold to Dow Chemical Co.

As part of Philadelphia Newspapers' reorganization plan, Haas; Bruce Toll, vice chairman of Toll Bros. Inc.; and the Carpenters Union pension fund have agreed to invest $35 million in the media company, which owns The Inquirer, the Philadelphia Daily News, and Philly.com.

The partnership would also provide letters of credit for $17 million. When the plan was originally announced, Haas was identified only as Penn Matrix, an investment fund controlled by a single wealthy Philadelphian.

The $35 million in new funds is central to a plan that would give the company's senior lenders $66.6 million in cash and property to settle about $300 million in debt.

If the plan were approved by the U.S. Bankruptcy Court, the company would emerge from bankruptcy debt-free and owned by the investors' group. The plan calls for the current management, led by Brian P. Tierney, to stay in place.

The company's senior lenders have said they want to control the company and bring in new management. They have floated a plan that would have the company emerge from bankruptcy with $85 million in debt.

Haas said in his statement: "I believe owners with a long-term interest, operating under small debt load, and with a willingness to innovate within the new media environment, present the best hope by far for developing a sustainable business model, and for serving the critical public interest functions in our community that have long been a hallmark of these two great papers."

Tierney praised Haas' involvement.

"I'm delighted that David Haas has agreed to play a critical role going forward," he said. "He is a generous, philanthropic Philadelphian. It comes back to what we have said all along: This is a community asset, a community treasure, and having someone like David involved goes a long way to making that very clear."

Philadelphia Newspapers filed for Chapter 11 reorganization in February.

The case has reached a critical juncture now that the company has issued its reorganization plan, which calls for the media firm to be put up for bid to determine whether the company's offer to lenders is a fair one.

The company has proposed an auction that would bar senior lenders from "credit bidding" - using the money they are owed to bid on the company. The lenders want to be able to use that procedure. A hearing had been scheduled for today on the issue, which could go a long way in determining who ultimately controls the company.

However, both sides in the dispute agreed yesterday to continue to mediate the issue and others. A new hearing is scheduled for Monday.