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Inky Senior Lenders Agree: $87M Is Not The Same Thing As $300M

btpodWell, here’s a shocker: Philadelphia Newspapers LLC‘s senior lenders have scoffed at a deal proffered by the company to wipe out $300M of debt in exchange for a paltry $87M. As a result, the auction date holds for the PNI properties on November 18th, a day that will surely live in infamy in Philadelphia media circles. Where will the wheel of misfortune land, exactly? Last we checked, nobody really knew — only that, in all likelihood, Brian Tierney‘s days as a publisher will be well behind him. Unless, of course, he starts a blog.

This entry was posted on Wednesday, October 28th, 2009 at 1:10 pm.

2 Responses to “Inky Senior Lenders Agree: $87M Is Not The Same Thing As $300M”

  1. Allan Smithee Says:
    October 28th, 2009 at 2:20 pm

    re: Last we checked, nobody really knew — only that, in all likelihood, Brian Tierney’s days as a publisher will be well behind him. Unless, of course, he starts a blog.

    Yeah, that’s one blog I don’t need to read. Do you think he’ll publish under his own name or use his pseudonym “jburnside”?

  2. expat attack Says:
    October 28th, 2009 at 2:36 pm

    @Allan Smithee

    Excellent question.

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