Newspaper auction overseers appointed
Philadelphia Newspapers L.L.C. and its lenders have agreed that a former federal judge and an executive with a Conshohocken investment firm should serve as monitors for a proposed auction of the company.
Philadelphia Newspapers L.L.C. and its lenders have agreed that a former federal judge and an executive with a Conshohocken investment firm should serve as monitors for a proposed auction of the company.
In a filing late Tuesday, the company asked the federal bankruptcy court to appoint as monitors Arlin M. Adams, who retired his seat on the U.S. Court of Appeals for the Third Circuit and is with the law firm Schnader, Harrison, Segal & Lewis L.L.P., and J. Scott Victor, a former bankruptcy lawyer who is managing director of SSG Capital Advisors.
Adams and Victor will oversee the auction to assure that it is fairly conducted. They will split a $65,000-a-month fee paid by the company.
The auction is part of the company's reorganization plan. The plan calls for senior lenders to receive $66.6 million in cash and property to settle about $300 million in secured debt.
The company would also be put out to bid, in part to determine whether the $66.6 million offer represented a fair market value for the media firm, which owns The Inquirer, the Philadelphia Daily News, and Philly.com.