Remember when all the shit went down a few weeks ago and Brian Tierney issued this MP3 where he was trying to cool everybody out and act like the Chapter 11 proceedings were really not that big of a deal? That might have been before he learned that Citizens Bank, one of Philadelphia Newspapers, Inc.’s biggest lenders, pretty much wants him out of there. According to this report on yesterday’s bankruptcy hearings in The Evening Bulletin — yeah, we know, how messed up is that? — CB is balking at the current PNI plan for restructuring, over both the price tag and keeping Tierney as CEO. That’s not very nice. What Tierney may have on his side is time — a big part of the proceedings yesterday were about buying some, and they were successful in that, as well as clearing $275K to pay the PECO bill. No, seriously.
EveningBulletin: It’s Gonna Be Us And The Metro, Baby!

This entry was posted on Tuesday, March 17th, 2009 at 11:35 am.