In its effort to exit bankruptcy, Philadelphia Newspapers L.L.C. today presented a $92 million plan that would clear about $300 million in secured debt.

Of the $92 million, $66.6 million in cash and property - the company's historic headquarters building at 400 N. Broad St. - would go to its creditors.

The plan also calls for the media firm to be put up for bid to determine if the company's proposal was the best deal for creditors.

The company said its plan, which was filed in U.S. Bankruptcy Court here and requires court approval, would represent an opening bid valued at about $92 million - the $66.6 million paid to creditors and another $25 million to be used to pay legal and other costs of existing bankruptcy.

If a bidder came forward with a better proposal, the company, which owns The Inquirer, the Daily News and Philly.com, could be sold and the purchase price used to pay off creditors.

The plan, then, represents a gamble by the current management that their offer to creditors exceeds the present market value of the company.

Under the plan, the company would remain locally owned and with its current management team, led by CEO Brian Tierney.